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Egor is from the Akhalkalaki district. He is 24 years old, married and lives with his parents, grandparents, wife and infant child. Egor’s income source is the small amount he earns from his grocery store. Besides, his grandparents are provided with a retirement pension. As the existing income is not enough for the family, Egor decided to start a new business. In particular, he plans to finish the renovation of a store and rent it out for a good price. Egor has requested a loan 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, which is usually demanded by local credit providers. However, his loan request was approved under the framework of a new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-startup credits with soft conditions to the country's rural poor who do not have access to credit products, for they are regarded as “high risk borrowers” because of their low income. With this loan, Egor will install doors and windows in his newly built store and renovate it properly so that it satisfies the personal needs of his clients. A private company has already expressed an interest in renting it. Egor hopes his business will be profitable and 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
  • 39
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Egor to renovate the store for renting out.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Dec 31, 2012
Jan 3, 2013
Currency Exchange Loss:
Aug 17, 2014