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Zurab is from the small town of Chakvi. He is 34 years old, married, and lives with his wife and two children (3 and 10 years old). Zurab and his wife are unemployed at the moment and in fact, the family has no source of income. Zurab decided to start a business. He plans to renovate the family-owned store and start up a grocery store in the future. Zurab has applied for loans from local financial institutions several times, for a business start-up, but without any success. His loan request was rejected each time because of his lack of experience in the new business, as experience is usually a requirement of local credit providers. However, his loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-start credits with soft conditions to the country's rural poor, who do not have access to credit products, because they are regarded as “high risk borrowers” due to their low incomes. With this loan, Zurab will purchase building materials and renovate the store properly so that it satisfies the needs of his clients. He has some savings, which he has loaned out at the moment. After the amount will be returned, Zurab will purchase stocks of basic groceries and start up the business. Zurab hopes his business will be profitable and that this will increase his income, thereby providing his family with enough money to satisfy their daily needs and improve their living conditions.

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
  • 32
    View loans »
    Georgia Loans Fundraising
  • $7,796,325
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,400 helped Zurab to renovate the store.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Jan 24, 2013
Jan 30, 2013
Currency Exchange Loss:
Sep 17, 2014