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Nina
Nina is 58 years old. She is married and lives with her husband and son in Gori District. Nina requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of low income and the family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have two milk cows, whose milk is used in cheese products. Nina milks cows and produces cheese to sell at local markets at a good price. It is hardly enough food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Nina requested a loan from Credo to start up the family business. Her loan request was approved in 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 the country's rural poor. They do not have access to credit products, as they are regarded as “high risk borrowers” because of low income.

With the received credit Nina will purchase calves. After purchasing calves, she will raise them and increase cheese production in future. With another part of the loan she plans to buy rose saplings. She will plant rose saplings and sell the grown ones. This will be an additional source of income for the family, and they will be able to improve their living conditions.

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
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,425 helped Nina to purchase calves and rose saplings.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 7, 2013
Listed
Mar 13, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014