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Gocha
Gocha is 47 years old. He lives in Tbilisi, the capital city of Georgia, with his wife, his retired mother and a daughter. Gocha requested loans 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.

Gocha and his wife and daughter are all sellers at the big local market and they get small monthly salaries. Gocha 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 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, Gocha will purchase men's shoes at wholesale prices to resell them afterward with a price markup. He already has rented a space at the same market, where he plans to start selling the shoes himself. He is experienced in this field and knows how to satisfy the clients’ demands, so Gocha hopes his business will be profitable.

With the profit he plans to purchase women's shoes and develop his business. With the new business initiative, financed with the Kiva Start-up loan, Gocha and his family will be able to improve their living conditions.

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

  • $6,100
    Average annual income
  • 76
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,200 helped Gocha to purchase men's shoes at wholesale prices to resell them afterward with a price markup.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 12, 2013
Listed
Mar 21, 2013
Currency Exchange Loss:
N/A
Ended:
Sep 17, 2013