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Teimuraz
Teimuraz is 57 years old. He is married, and lives with his wife and daughter in the Kvareli District.

Teimuraz requested a loan from local financial institutions several times for the family business start-up, without success. His loan request was rejected every time, due to 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 a vineyard and 1.5 hectare of agricultural land, where maize is grown.

Teimuraz is very hard working man. He cultivates the land seasonally before sowing, but the income is too small; it is hardly enough for food for the family. According to Credo estimates, the family belongs to the subsistence poor category.

His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, as they are regarded as “high risk borrowers” due to low income.

With the received credit, Teimuraz will purchase calves, raise them and resell them at a higher price. 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
  • 51
    View loans »
    Georgia Loans Fundraising
  • $7,169,700
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped Teimuraz to purchase calves, then raise and sell them for a higher price.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Mar 1, 2013
Listed
Mar 4, 2013
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2014