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Temur
Temur is 60 years old. He lives in Makhinjauri District with his wife, son, daughter in-law and two grandchildren who are going to school. Temur requested loans from local financial institutions several times for a family business start-up but without any success. His loan request was rejected each time because of low income and his family’s poor living conditions.

Temur has a three-flour house. His whole family lives on the second floor of the house and the third floor is rented seasonally. That’s the family's only income which is not enough to feed its six members. According to Credo estimations the family belongs to the subsistence poor category.

Temur requested a loan from Credo to start-up a family business. His loan request was approved in the framework of new joint initiative of Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country's rural poor. They do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Temur will renovate the first floor which can’t be used for living now. After renovating, he will be renting it out seasonally. Because of tourism development in Makhinjauri district, Temur believes that renovating the rooms will help him to earn more income. 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
  • 78
    View loans »
    Georgia Loans Fundraising
  • $6,884,900
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Temur to renovate first floor of three-floor house for renting out seasonally.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Feb 27, 2013
Listed
Mar 11, 2013
Currency Exchange Loss:
N/A
Ended:
Oct 17, 2014