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David
David, 38, is from Kutaisi district. He lives with his wife and 2 children. David requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected each time because of his low income and his family’s poor living conditions.

The only source of income for the family is the small amount earned by David, who works as an artisan. It is hardly enough for food for a four member family. According to Credo's estimations, his family belongs to the subsistence poor category.

David requested a loan from Credo to start-up a family business. His loan request was approved because of a new joint initiative of Kiva and Credo. The start-up loan program envisages providing 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 their low income. With the received credit, David will purchase a truck. After purchasing this truck, he plans to trade vegetables. He will buy vegetables from wholesalers then transport and resell at better price. This will increase his family's income. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the 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

  • $6,100
    Average annual income
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,796,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped David to buy a truck and start trading vegetables.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 4, 2012
Listed
Jan 3, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2014