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Zaal
Zaal is 57 years old. He lives in the small village in Chiatura District with his wife and 2 children. Zaal requested loan from local financial institutions several times for family business start-up, but without any success. His loan requests were all rejected because of his low income and family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have 25 beehives with bee colonies and 0.5 hectares of agricultural land. It is hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Zaal requested loan from Credo to start up a family business. His loan request was approved in the frame of new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of 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 low income. With the received credit, Zaal will purchase a minibus. After purchasing the minibus, he plans to buy and sell fruits and vegetables. He will buy fruits and vegetables from the wholesalers and resell them at a higher price. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his 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
  • 53
    View loans »
    Georgia Loans Fundraising
  • $6,847,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Zaal to purchase a minibus and begin to sell fruit and vegetables.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 10, 2013
Listed
Jan 14, 2013
Currency Exchange Loss:
N/A
Ended:
Oct 17, 2013