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Irma
Irma is from the small town of Khashuri. She is 40 years old, married, and lives with her husband and two children (21 and 16 years old). Irma requested a loan from local financial institutions several times for starting a trading business, but without any success. Her loan request was rejected all the time because of her low income and the lack of experience in her job, which is usually a requirement for the local credit providers. Irma’s business is a small canteen at the local school, where she sells cheese pies, juices and different kinds of snacks among students.
Her loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision 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, Irma will purchase clothing and bed clothing at wholesale prices and resell them in her town and nearby villages for a profit. It will be hard work for Irma, but according to estimations, her business will be profitable and increase the income of the family. The increased profit will be reinvested in the trading business to increase her stock and sales volume. 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

  • $6,100
    Average annual income
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,799,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $650 helped Irma to start up a trading business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 8, 2013
Listed
Feb 14, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014