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Mariam
Mariam is 20 years old and from the small village of Telavi district, East Georgia. She is married and lives with her husband, infant child, parents-in-law, and daughter-in-law. Mariam requested a loan from local financial institutions several times for the family's 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.

The only source of income for the family is the small monthly income of Mariam’s husband, working as a hired worker in a local wine factory. Mariam’s mother-in-law is working in the same wine factory as a laboratory assistant. It is hardly enough for food for the family. According to Credo's estimations, the family belongs to the subsistence poor category.

Mariam requested a loan from Credo to start up a family business, which was stopped because of natural calamity in the Kakheti region. Her loan request was approved under a new joint initiative of Kiva and Credo. Start-up loan program envisage provision of business start-up and re-startup credits with conditions suited 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, Mariam will start a grocery store. She will roof the grocery store, which was damaged, and will buy grocery stock. Mariam is experienced in this business, as she has a grocery store, and she thinks that it will be profitable. The profit will be reinvested in the business, and she will be able to make a better future for her infant child. 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
  • 79
    View loans »
    Georgia Loans Fundraising
  • $6,884,900
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,700 helped Mariam to roof the grocery store and purchase a grocery stock.
100% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 12, 2013
Listed
Mar 16, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2013