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Otari
Otari is 56 years old. He lives in Kvareli District with his wife and grown son. Otari has requested several previous loans from local financial institutions for his family business start-up without any success. His loan request has been rejected many times because of his low income and lack of experience in his new business.

The family runs an agricultural business. In particular, they have a small dairy farm of 2 milk cows, whose milk is used in cheese products. The cheese is sold locally. Additionally, Otari owns a vineyard and a plot of land where maize is grown. Otari is also involved in a flour-trading business and gets monthly income.

Otari is requesting a loan from Credo to re-start-up his family business which he had to stop due to financial problems. He will use his loan to purchase pigs to start an animal husbandry business. He will put the pigs in a shed in the yard, raise them and will be able to sell piglets for a good price. Otari's loan request was approved within the framework of a new joint initiative of Kiva and Credo. This start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions for country rural poor who do not have access to credit products as they are regarded as “high risk borrowers” due to their low income. Otari's new business initiative, financed with his Kiva start-up loan, will significantly improve the living conditions of his family.

Additional Information

More information about this loan

This loan is part of Credo's startup loan program targeting particularly vulnerable clients who live at the subsistence level and have been unable to obtain credit due to lack of income from an existing business. This program offers them a longer repayment term and an annual interest rate that is 5% lower than the standard interest rate. By funding this loan, you are supporting a program that gives borrowers a second chance to start and grow small businesses. This has the potential to alleviate the effects of poverty, significantly improving borrowers' incomes and their families' quality of life. Learn more about Credo's startup loan program on the Kiva Blog.

About LLC Micro Finance Organization Credo

LLC Credo (Credo) is a microfinance organization in Georgia that provides sustainable credit services to alleviate poverty in rural areas, including business loans, agriculture loans, household loans, crop insurance and more. Kiva lenders’ funds are used to help the organization expand its outreach to even more entrepreneurs, farmers and households in remote areas.

About Georgia

  • $4,600
    Average annual income
  • 82
    View loans »
    Georgia Loans Fundraising
  • $6,876,175
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,125 helped Otari to purchase pigs.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Dec 22, 2012
Listed
Dec 24, 2012
Currency Exchange Loss:
Possible
Ended:
Jan 18, 2014