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Ivane
Ivane is 50 years old. He is married and lives with his wife in Sagarejo District, East Georgia. Ivane requested a loan 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 family’s poor living conditions.

Ivane serves local people as a taxi driver with his car and earns income. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

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

With the received credit, Ivane will start a grocery shop. He has a place near his house where he will build a shop. Ivane plans to purchase all the building materials and will build himself. After opening the grocery store, his wife will work as a saleslady and the family will increase their 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

  • $4,600
    Average annual income
  • 95
    View loans »
    Georgia Loans Fundraising
  • $7,302,200
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $4,500 helped Ivane to purchase building materials for starting a grocery shop.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 28, 2013
Listed
Mar 17, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014