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Vitali
Vitali, age 31, lives in the village of Akhali Sopeli with his parents, wife, two children and a grandmother. Vitali’s mother and wife are first aid doctors and his father is a director of Limited Company. All of the family members earn monthly salaries.

As the existing income is not enough for a seven member family, Vitali has decided to start up a new business, but he does not qualify under existing income requirements. Vitali is requesting a loan under the framework of a new joint initiative between Kiva and Credo. This loan program envisions providing start-up and re-startup credits with soft conditions to the rural poor, who do not have access to many credit products as they are regarded as “high risk borrowers” because of low income.

Vitali has purchased a crane machine and needs money to pay the toll. After the tax is paid, Vitali will collaborate with construction companies and work privately as well so that he can earn additional income. Vitali hopes to increase the monthly income of his family with this new business initiative. He is confident that his investment 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
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,289,900
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Vitali to pay the toll for his crane machine.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 28, 2013
Listed
Jan 30, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2013