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Guljamal is a 61-year-old widow. She lives alone in Marneuli district. The only income for Guljamal is her pension, which is a very small amount. She has nobody to look after her. Guljamal has requested loans from local financial institutions several times for her business start-up without any success. Her loan requests have been rejected all the time because of her low income and poor living conditions. According to Credo estimations, she belongs in the subsistence poor category.

Guljamal requested a loan to start up her own business, which is opening a tea room. Guljamal has already bought all the needed equipment and now she needs a loan to buy raw materials. When Guljamal opens her tea room, she will have a lot of customers seeing as there is no other such place in her area. This business initiative will increase her monthly income and she will be able to improve her quality of life.

Guljamal's loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages providing business start-up and re-start-up credits with soft conditions to the rural poor, who do not have access to credit products being regarded as “high risk borrowers” because of low income.

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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $650 helped Guljamal to buy materials for starting up a tea room.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Feb 20, 2013
Feb 24, 2013
Currency Exchange Loss:
Mar 17, 2014