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Merab
Merab is 53 years old and from Kaspi district. He lives with his wife and son. Merab has requested a loan from local financial institutions several times for starting up a family business, but without any success. His loan request was rejected each time, because of low income and the family’s poor living conditions.

The only source of the income for the family is monthly income earned by his son, working as distributor. He makes 300 Laris total per month. It is hardly enough for food for a three-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Merab requested loan from Credo to start-up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start credits with soft conditions to the rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of their low income.

With the received loan, Merab will purchase plumbing equipment. After purchasing the equipment, he will be able to work as a plumber, will get orders and thus increase monthly income of the family. 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
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped Merab to purchase plumbing equipment.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 31, 2012
Listed
Jan 4, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014