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Venera
Venera is 59 years old. She lives in the Gori District with her husband, who has a retirement pension. Her husband also has a counter at local market where he sells different kinds of spices. Venera has requested a loan from local financial institutions several times for her family business start-up, but without any success. Her loan request was rejected each time, because of low income and the family’s poor living conditions. According to Credo estimations the family belongs to the subsistence poor category.

Venera has requested a loan from Credo to start-up a family business. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. Start-up loan program includes provisions for business start-up and start again credits with soft repayment conditions for the country rural poor who do not have access to credit products. They are regarded as “high risk borrowers” because of low income.

With the received credit Venera plans to purchase clothing at wholesale prices and then resell with a price markup among her villagers. This will increase the income of her family. This 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
  • 100
    View loans »
    Georgia Loans Fundraising
  • $7,213,575
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,600 helped Venera to purchase clothing for resale.
100% repaid
Repayment Term
16 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 6, 2013
Listed
Mar 12, 2013
Currency Exchange Loss:
N/A
Ended:
Jun 17, 2014