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Murtaz
Murtaz is 37 years old. He is married and lives with his wife and mother in Senaki District. His mother is provided with a retirement pension. Murtaz requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time because of low income and the family’s poor living conditions.

Murtaz has a grocery store near his house. He purchases the stock of groceries at wholesale prices and then resells them in his grocery store with a price markup. He has a rich experience in his business and works hard to improve living conditions for his family. But the income is too small and the family remain in a poor category.

His loan request was approved in the framework of new joint initiative of Kiva and Credo. This 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 Murtaz will purchase a coffee grinder machine. He will place this coffee grinder machine in his grocery store. With a small part of the loan Murtaz will buy a variety of coffee beans to grind for his customers. 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

  • $6,100
    Average annual income
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $900 helped Murtaz to purchase a coffee grinder machine.
100% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 28, 2013
Listed
Mar 7, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2013