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David is 28 years old. He lives in Batumi, West Georgia with his retired father, Guri, who is 75 years old. Several times, David requested a loan from local financial institutions 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.

The only sources of income for the family are Guri's monthly pension and a small salary of David's, who is working as an artisan in a private building company. According to Credo estimations, the family belongs to the 'subsistence poor' category.

David requested loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as 'high risk borrowers' because of low income.

With the received loan, David will buy all materials needed to renovate a flat. After the flat is renovated, he plans to rent it out. Because of tourism development in Batumi, David believes that renovating this flat will help him to earn more income. This new business initiative, financed with a start-up loan from Kiva, will significantly improve the living conditions of the family and David will be able to take better care of his aged father.

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
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,896,375
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $800 helped David to buy all materials needed to renovate a flat.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Mar 6, 2013
Mar 13, 2013
Currency Exchange Loss:
Oct 17, 2014