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Zaza is 35 years old, and he lives in Kutaisi district with his wife, parents-in-law and four-year-old daughter. Zaza works as a baker at the local bakery, and his father-in-law is an operator at the petrol station. Both of them earn a monthly salary.

Zaza has asked for a loan from local financial institutions several times to start up a family business, but he hasn't had any success. He wants to start his own bakery, but his loan requests have always been rejected in the past because of his lack of experience, which is usually required by local credit providers.

Zaza has now been approved for a loan by a new joint initiative between Kiva and Credo. The start-up loan program is designed to provide business start-up and re-startup loans with soft conditions to rural poor people, who do not have access to traditional credit products. These rural poor are regarded as “high risk borrowers” because of their low income.

With his loan, Zaza plans to start his own bakery. He will bake traditional Georgian bread and sell it for a good price. He hopes his project will be profitable as he already has good baking experience, and will offer quality products to his customers. He thinks this will increase his sales volume. The new business, financed by the Kiva start-up loan, will significantly improve the living conditions of his 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

  • $6,100
    Average annual income
  • 40
    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 $950 helped Zaza to start up a bakery.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Feb 8, 2013
Feb 13, 2013
Currency Exchange Loss:
Jul 17, 2014