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Paata
Paata is 27 years old. He lives in a small village of Sachkhere District, with his wife and parents. Paata requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time, because of low income and the family’s poor living conditions.

The family is engaged in agricultural activities on a very small scale. In particular, they have three milk cows and a 0.7-hectare plot of agricultural land. In addition, Paata works as an artisan and gets a monthly income. Together, they have hardly enough to provide food for the family of four. According to Credo estimations the family belongs to the subsistence poor category.

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

With the received credit Paata will purchase a minibus. After purchasing the minibus, he plans to trade in fruits and vegetables. He will buy fruits and vegetables from the wholesalers and resell them at higher prices. 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 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
  • 63
    View loans »
    Georgia Loans Fundraising
  • $6,854,250
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped Paata to purchase a minibus, for trading in fruits and vegetables.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 10, 2013
Listed
Jan 14, 2013
Currency Exchange Loss:
N/A
Ended:
May 17, 2014