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Karen lives in Ninotsminda District. He is 29 years old and lives with his wife, infant daughter and parents.

Karen is, at the moment, unemployed. The only source of income for the family is growing potatoes which they sell seasonally.

The family lives in poverty. According to Credo estimations, they belong to the 'vulnerable poor' category.

Karen decided to start a business because their existing income isn’t enough for the family and their living conditions are poor.

His loan request was approved as part of a new joint initiative between Kiva and Credo. This start-up loan programme aims to provide business start-up and re-startup loans with more favourable conditions to the rural poor, who do not have access to standard credit, being regarded as 'high-risk borrowers' because of their low income.

With this loan, Karen will purchase a car and offer a service to local people as a taxi driver. The income of the family will increase and they will be able to improve their living conditions. The family will also have enough income to use the usual sources of credit in the country, in case of need.

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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $7,807,625
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,800 helped Karen to purchase a car to use as a taxi.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Jan 12, 2013
Jan 15, 2013
Currency Exchange Loss:
Mar 17, 2014