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Nugzar is 35 years old and is married with two children, both of whom attend school. He lives in the suburb of Tbilisi city with his wife and family. Nugzar works as an artisan on construction projects for private contracts and his family also has a small plot of land that they cultivate. This business is looked after by Nugzar's wife who sells the harvest locally for a small monthly income. Nugzar has requested loans from local financial institutions several times to start up a family business, but his loan requests were rejected all the time because of his low income and the family’s poor living conditions. According to Credo estimates, the family belongs to the subsistence poor category.

Nugzar is requesting a loan from Credo to start up a greenhouse business and purchase iron pillars and polyethylene coverings to build a greenhouse and cultivate vegetables to sell in Tbilisi markets. His loan request was approved under the framework of a new joint initiative of Kiva and Credo that envisages the provision of business start-up and re-startup credits with soft conditions to the rural poor who do not have access to credit products as they are regarded as “high risk borrowers” due to low income. His new business, financed with his Kiva start-up loan, will give Nugzar's family the chance to improve their living conditions.

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
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,896,375
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped Nugzar purchase iron pillars and polyethylene coverings to build a greenhouse.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Feb 18, 2013
Mar 4, 2013
Currency Exchange Loss:
Jun 17, 2014