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Nunu
Nunu is 47 years old. She lives in Gardabani District with her husband, Tengiz, her 15-year-old son and her retired father. Nunu requested a loan from local financial institutions several times for a family business startup, but without any success. Her loan request was always rejected because of her low income and the family’s poor living conditions.

The only source of the income for the family is the monthly salary of Tengiz, who is working as a driver for a private company, and the small pension of Nunu’s father. It is hardly enough for food for a four-member family. According to Credo estimations, the family belongs to the subsistence poor category.

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

With the received credit, Nunu will purchase a milk cow and pigs. She will milk the cow and make dairy products for selling. Also, after several months, she will sell piglets with a price markup at the local market. 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
  • 98
    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 $1,525 helped Nunu to purchase a milk cow and pigs.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 20, 2013
Listed
Feb 27, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014