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Ramaz
Ramaz is 39 years old. He lives in the small village of Martvili district with his wife and parents. His parents are provided with a retirement pension. Ramaz 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 low income and the family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have two milk cows and a calf whose milk is used in cheese production. They sell cheese locally in an open market at a good price. It is hardly enough for a four-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Ramaz requested a loan from Credo to start a family business. His loan request was approved in the frame of a new joint initiative of Kiva and Credo. This start-up loan program envisions provision of business start-up and re-startup credits with soft conditions to the rural poor, who do not have access to credit products, being regarded as "high-risk borrowers" because of low income.

With the received credit, Ramaz will begin trading in maize, dried fruits and cheese. In particular, he will buy these products from wholesalers and resell them at a better price in the capital city. Ramaz thinks this will be profitable and he will be able to increase the 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

  • $4,600
    Average annual income
  • 95
    View loans »
    Georgia Loans Fundraising
  • $7,302,200
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,725 helped Ramaz to buy maize, dried fruits and cheese at wholesale to resell.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 12, 2012
Listed
Jan 14, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 18, 2013