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Ilarion is 39 years old. He lives in the Vani District with his retired mother. Ilarion requested loans 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 low income and the family’s poor living conditions.

Ilarion has two milk cows and a plot of agricultural land where they have a vineyard and grow nut trees. They milk the cow and make dairy products. Harvested grapes and nuts are sold with the dairy products locally at the markets, and the family gets a small amount of monthly income. According to Credo estimations, the family belongs to the subsistence poor category.

Ilarion requested a loan from Credo to start a family business. His loan request was approved within the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the 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, Ilarion will purchase a quick payment machine (which is used for paying communal taxes and different service fees). This business is newly developed in the country and he hopes that it will be successful and will increase his family 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

  • $6,100
    Average annual income
  • 42
    View loans »
    Georgia Loans Fundraising
  • $7,901,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,500 helped Ilarion to purchase a pay box machines which are used for paying communal taxes.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Feb 26, 2013
Mar 12, 2013
Currency Exchange Loss:
Apr 16, 2014