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Madona
Madona is 33 years old. She lives in the Khashuri District with husband Badri and their 2 sons. Madona requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected because of their low income and the family’s poor living conditions.
The only source of income for the family is from agricultural activities. In particular, they have 0.3 acres of agricultural lands, where maize and haricot are grown. They sell the harvested products locally. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.
Madona requested a loan from Credo to start-up a family business. Her loan request was approved in the frames of 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, which do not have access to credit products because they are regarded as “high risk borrowers” because of low income. With the received credit Madona will buy a milk cow. After purchasing a milk cow, Madona plans to produce dairy products to sell. This will increase the income of the family. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of the 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
  • 84
    View loans »
    Georgia Loans Fundraising
  • $7,568,975
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Madona to purchase a milk cow and produce dairy products for selling.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 20, 2013
Listed
Feb 26, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014