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Avtandil
Avtandil is 24 years old and comes from a small village of Zestaponi district. He lives with his parents, aunt, and grandmother, who is provided with a retirement pension. Avtandil’s mother is a teacher at a local school and earns a monthly income. Avtandil 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.

Aside from his grandmother's pension and his mother's teaching salary, the only source of income for the family is their agricultural activities. In particular, they have two milking cows, whose milk is used in cheese production. Besides, they have a plot of agricultural land, where 250 nut trees are grown. Avtandil sells the harvested nuts and the cheese locally, at good prices. But the family's income is hardly enough to provide food for the five-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Recently, Avtandil 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 credit, with soft conditions, to the country's rural poor people, who do not have access to other credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Avtandil will trade in pottery. He plans to purchase pottery from the wholesalers and then resell it at higher prices. This will 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
  • 102
    View loans »
    Georgia Loans Fundraising
  • $7,355,875
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $375 helped Avtandil to buy pottery from wholesalers, which he will resell at higher prices.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 16, 2013
Listed
Mar 19, 2013
Currency Exchange Loss:
Possible
Ended:
Oct 17, 2013