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Irma
Irma is 35 years old. She lives in Zestafoni District with her husband Vladimer, her 62-year-old retired mother-in-law and three children who are going to school. Irma requested a loan from local financial institutions several times for 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.

The family has two milk cows. Irma and her mother-in-law milk them every day to make dairy products. They also own a vineyard and an agricultural plot of land where maize is grown. Vladimer cultivates the land and harvests the grapes himself. The family has been in this business already for 15 years. All the produce is sold locally at Zestafoni markets and they have a small monthly income which is not enough to feed six family members . According to Credo estimations the family belongs to the subsistence poor category.

Irma requested loan from Credo to start up the family business which was stopped recently, because of financial problems. Her loan request was approved in the framework of new joint initiative of 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, being regarded as “high risk borrowers” because of low income.

With the received credit Irma will open a Georgian bread bakery. She will rent a place and seeing as using wood for fire will be more expensive, she will install gas pipes. Irma’s husband is a baker and he will be baking the bread himself. They will sell bread from the shop and will earn daily income. The new business initiative, financed with the Kiva Start-up loan, will help Irma to open her business, earn more money and provide better living conditions for her 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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,854,275
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $925 helped Irma to open a Georgian bread bakery.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 28, 2013
Listed
Mar 5, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2014