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Mamuka is 51 years old and he lives in the Ambrolauri district with his wife, son and a brother. Mamuka’s wife works as a teacher at the local school and earns a small monthly income. Mamuka is a tin man, producing stoves and tin pipes in a small workshop. He sells the items he produces from his workshop. In addition, he works as an artisan locally and renovates the houses where there are any orders.

He has asked for loans from local financial institutions to start his new business several times but without success. His loan requests were rejected each time because of income requirements and a lack of experience in the new business, which is usually required by local credit providers. However, Mamuka’s loan request was approved as part of the new joint initiative between Kiva and Credo. The start-up loan program provides business start-ups with credit. The program extends soft conditions to the rural poor who do not have access to credit products. They are regarded as “high-risk borrowers” because of their low income.

With this loan, Mamuka will cover the costs of renovating the store where he will set up a grocery. He will purchase basic groceries and sell them from his store. Mamuka hopes his business will be profitable and attract many customers from the local community. He plans to increase the turnover in his trade business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Mamuka will work hard and he will be able to improve the living conditions for his family. With this loan, his family will generate enough income to access regular available credit products in the country’s capital market, in the event they need it in the future.

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
  • 39
    View loans »
    Georgia Loans Fundraising
  • $8,091,775
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Mamuka to start up a grocery store.
100% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Jan 29, 2013
Feb 4, 2013
Currency Exchange Loss:
Aug 17, 2014