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Oruj
Oruj is 48 years old. He lives in the small village of Lagodekhi District. Oruj has a large family: his wife, two sons, daughter-in-law, mother-in-law, and two grandchildren. Oruj requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time because of low income and his family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have a greenhouse where cucumbers and tomatoes are grown. They sell the harvested products seasonally. It is hardly enough food for the family. According to Credo estimations, the family belongs to the 'subsistence poor' category.

Oruj requested a loan from Credo to start a family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, since they are regarded as “high risk borrowers” because of low income.

Oruj will use his loan to start a car wash. He will purchase the essential equipment and a vacuum cleaner. Oruj will provide services to his local community members and hopes to increase the monthly income of the family. A little part of the loan will also be used for purchasing the seeds to sow in his greenhouse.

His new business initiative 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

  • $4,600
    Average annual income
  • 99
    View loans »
    Georgia Loans Fundraising
  • $7,213,575
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,425 helped Oruj to purchase equipment needed to start a car wash.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 16, 2013
Listed
Feb 20, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014