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Merab
Merab is 37 years old and lives in the small town of Kobuleti with his family, his wife, 7-year-old child and retired mother. The source of income for the family is the monthly pension of Merab’s mother. Merab has requested a loan from local financial institutions several time but his loan requests were always rejected because of low income and lack of experience in the new business. His current loan request was approved within the framework of a new joint initiative between Kiva and Credo. Merab owns a car and plans to serve the locals as a taxi driver but he will have to charge higher prices for his service because of the benzene (fuel) price is high. Not many citizens can afford to use the taxi service at a higher price. Because of the above mentioned problem, Merab has decided to change his taxi's fuel system from benzene to gas, which is cheaper than benzene and will reduce the cost of transportation by 40 to 45 per cent. It will allow Merab to decrease the price of the service, which will attract more customers. Increasing the number of customers and cutting his costs will positively affect his profit. He will pay a local auto service center to change the fuel system. The increased income will be used for the family’s well being.

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
  • 86
    View loans »
    Georgia Loans Fundraising
  • $7,706,100
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $950 helped Merab to change the fuel system in his car to have it run more cost effectively.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 19, 2013
Listed
Feb 20, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013