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Temel
Temel is 44 years old. He is married and lives with his wife and son in Batumi District. Several times, Temel requested a loan from local financial institutions for a family business start-up, but without any success. His loan request was rejected each time because of low income and the family’s poor living conditions.

The only source of the income for the family is Temel’s salary, working as a driver of an emergency car. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the 'subsistence poor' category.

Temel requested a loan from Credo to start a family business. His loan request was approved in the framework of a 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, which do not have access to credit products, being regarded as 'high risk borrowers' because of low income.

With the received credit, Temel will purchase a car and will work as a taxi driver. He will serve local people and 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
  • 40
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped Temel to purchase a car and work as a taxi driver.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 13, 2013
Listed
Feb 26, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013