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Teimuraz is from the Khashuri district. He is 46 years old, married, and lives with his wife, a 7-year-old daughter and parents, who are retired. His wife works as an apothecary and receives a monthly income. Teimuraz receives a small amount of income from his store, selling fruits and vegetables. As the existing income is not enough for the family, Teimuraz decided to start a new business. He plans to finish renovating an additional store and to rent it out for a good price. Teimuraz has applied for loans from local financial institutions several times, for a business start-up, but without any success. His loan request was rejected each time because of his lack of experience in the new business, as experience is usually a requirement of local credit providers. However, his loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-start credits with soft conditions to the country's rural poor, who do not have access to credit products, since they are regarded as “high risk borrowers” because of their low incomes. With this loan, Teimuraz will repair his newly built store and renovate it properly so that it satisfies the needs of his clients. Teimuraz hopes his business will be profitable and that this will increase his income, providing his family with enough money 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
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,799,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,200 helped Teimuraz to renovate an additional store store to rent out.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Dec 24, 2012
Dec 27, 2012
Currency Exchange Loss:
Jun 17, 2013