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Irakli
Irakli is 43 years old, and comes from Sachkhere district. He is married and lives with his wife and two children (18 and 20 years old). Irakli requested a loan from local financial institutions several times, for a family business start-up, but without any success. His 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 Irakli’s monthly income, earned by working as a driver of a truck. It is hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Irakli requested a loan from Credo to start up a family business. Credo approved his loan request, in the frame of a new joint initiative of Kiva and Credo. The Start-up loan program envisages provision of business start-up and restart-up credits, with soft conditions, to Georgia's rural poor, who do not have access to other credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Irakli will buy a truck of his own. After purchasing his own truck, Irakli will accept orders to transport various kinds of things, and he will earn profits. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the income and 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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,854,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $3,000 helped Irakli to buy his own truck and get orders for transportation of goods, to earn more income.
89% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 14, 2013
Listed
Mar 19, 2013
Currency Exchange Loss:
N/A