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Venera
Venera is 61 years old. She lives in Kvareli District alone with her granddaughter. She is 11 years old and she goes to school. Venera requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time because of low income and family’s poor living conditions.

Venera makes Georgian cheese bread and distributes it to the grocery stores and the family has very small monthly income. According to Credo estimations the family belongs to the subsistence poor category.

Venera requested a loan from Credo to start-up family business. Her loan request was approved in the frames of 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 country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Venera will purchase clothes at wholesale price and then sell them for profit in her district among her neighbors. Venera will use the profit for reinvesting in the same business and renovating her house to have better conditions for her granddaughter. 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

  • $6,100
    Average annual income
  • 43
    View loans »
    Georgia Loans Fundraising
  • $7,796,600
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $675 helped Venera to purchase clothes for resale.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 26, 2013
Listed
Mar 1, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 20, 2013