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Madlena
Madlena is 35 years old and lives in the Kaspi district with her husband and two children. Several times, Madlena has requested loans from local financial institutions for her trading business start-up, but without any success.

Her loan request was rejected each time because of low income and the family’s poor living conditions. The only source for the family is the small income earned by Madlena, from time to time, working as a cleaner. According to government's estimations, the family belongs to the vulnerable poor category and they get monthly social assistance.

Madlena requested a loan from Credo to start a trade business of clothing sales. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

Madlena will purchase clothes in Turkey for wholesale prices and resell them in the local village for a profit. It will be hard work for Madlena, but according to estimations, her business will be profitable and will increase the income of the family. The increased profit will be reinvested in clothing trading, to increase her stock and sales volume. The family members will be able to increase their spending to satisfy their daily needs and improve their living conditions.

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

  • $6,100
    Average annual income
  • 73
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $375 helped Madlena to purchase clothing for resale.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 26, 2012
Listed
Dec 24, 2012
Currency Exchange Loss:
Possible
Ended:
Jan 18, 2014