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Gela
Gela is 35 years old and lives in the small village of Persati with his wife and an infant child. Gela is involved in agricultural business. He owns a vineyard and produces wine and vodka which are sold locally. Several months ago Gela decided to start a new business to supplement his income but his loan requests have been rejected several times by local financial institutions. He lacks experience with new business start-ups and does not qualify under income requirements.

Gela is requesting a loan under the framework of a new joint initiative between Kiva and Credo. This loan program provides start-up and re-startup credits with reduced requirements for the rural poor who do not have access to many credit products as they are regarded as “high risk borrowers” because of low income.

Gela will use his loan to start a store where second-hand auto parts and accessories will be sold. He has already chosen the space for his business and hopes that his business will be profitable. This will increase his monthly income and the new business initiative will significantly improve the living conditions of his family as Gela plans to renovate their house.

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
  • 80
    View loans »
    Georgia Loans Fundraising
  • $6,880,050
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Gela to start a second-hand auto parts store.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 31, 2013
Listed
Feb 5, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 18, 2013