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Ioseb
Ioseb is 49 years old. He is married and lives with his wife, 3 children (5, 14 and 16 years old) and his mother in the Terjola District. His mother is provided with a retirement pension. Ioseb 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 the family’s poor living conditions.

The only source of income for the family is from their agricultural business. They have a pig, a calf and two milk cows, whose milk is used in cheese production. They also have 0.8 hectares of agricultural land and a vineyard with 800 samples of grapevines. They harvest grapes and make wine for selling. The income is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Ioseb requested a loan from Credo to start up a family business. His loan request was approved within 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 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 Ioseb will build a shed for chicks. After the shed is built he will be able to purchase chicks and raise them for selling, and thereby increase the income of the family. 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
  • 108
    View loans »
    Georgia Loans Fundraising
  • $7,355,075
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped Ioseb to build a shed for chicks, and then buy chicks and raise them for selling.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 15, 2013
Listed
Mar 18, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2013