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Hayk is 47 years old. He lives in Akhalkalaki District with his wife Irina and two children, who go to local school. Hayk requested loans from local financial institutions several times to start a family business, but he did not have any success. His loan request was rejected each time because of low income and his family’s poor living conditions.

Nowadays, the family is without stable income. Irina is involved in a cosmetics trading business. In particular, she purchases cosmetics at wholesale prices and then resells them at a higher price to local people, making approximately 200 lari per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Hayk requested a loan from Credo to re-start a family business. His loan request was approved through a new joint initiative between Kiva and Credo. The start-up loan program envisages provisions for starting and re-starting businesses, targeting the rural poor, who do not have access to credit products due to being regarded as “high risk borrowers” because of low income. With the loan, Hayk will re-start a car wash, which was closed. He will purchase the new essential equipment and a vacuum cleaner. Hayk will continue providing services to his local community members and hopes to increase the monthly income of his family. The new business initiative, financed with 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
  • 43
    View loans »
    Georgia Loans Fundraising
  • $7,800,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped Hayk to purchase new essential equipment and a vacuum cleaner to re-start a car wash.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Feb 21, 2013
Feb 25, 2013
Currency Exchange Loss:
Nov 18, 2013