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Nikoloz
Nikoloz is 53 years old. He lives in Ambrolauri district with his 84-year-old retired mother. Nikoloz requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of his low income and the family’s poor living conditions.

Nikoloz has a vineyard and an agricultural plot of land. He is cultivating the land himself and then sows maize and haricots. Nikoloz is making wine and sells the harvested products at Ambrolauri local markets. According to Credo estimations the family belongs to the subsistence poor category.

Nikoloz requested a loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up 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 their low income.

With the received credit Nikoloz will purchase two milk cows. He will produce milk and make dairy products to sell locally at the markets. With the profit, Nikoloz plans to buy more cows and develop his farming. The new business initiative, financed with the Kiva Start-up loan will give him a chance to improve his living conditions and look after his aged mother better.

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
  • $6,859,275
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,275 helped Nikoloz to purchase two milk cows to produce dairy products.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 27, 2013
Listed
Mar 6, 2013
Currency Exchange Loss:
Possible
Ended:
Aug 17, 2014