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Kakhaber
Kakhaber is from the small town of Ozurgeti. He is 44 years old, married, and lives with his wife and two children (7 and 10 years old) who go to the local school. In fact, the family has no source of income as Kakhaber and his wife are unemployed at the moment. Kakhaber has requested a loan from local financial institutions several times for starting a trading business, but has not had success. His loan requests have been rejected because of his low income and his lack of experience in his job, which is usually important criteria for the local credit providers.

This loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provisions 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 Kakhaber will purchase flour and bran at wholesale prices and resell them for a profit. It will be hard work for Kakhaber, but according to estimations his business will be profitable and increase the income of the family. The increased profit will be reinvested in the trading business to increase his stock and volume of sales. The family members will be able to increase their spending to satisfy their daily needs in order to 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

  • $4,600
    Average annual income
  • 103
    View loans »
    Georgia Loans Fundraising
  • $7,324,475
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $650 helped Kakhaber to purchase flour and bran for resale.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 30, 2013
Listed
Jan 31, 2013
Currency Exchange Loss:
N/A
Ended:
Feb 17, 2014