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Soso
Soso is 53 years old. He lives in the small village of Chokhatauri District with his mother, who is has a retirement pension. Soso requested a loan from local financial institutions several times for a family business start-up without any success. His loan request was rejected because of low income and his family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have a plot of land, where maize and nut trees are grown. They sell the harvested products locally earning hardly enough for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Soso is requesting a loan from Credo to for a start-up family business. His loan request was approved by the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-ups and re-startups credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the loan, Soso will a purchase plastic cutting machine so he will be able to get orders and make plastic equipment and earn an 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
  • 101
    View loans »
    Georgia Loans Fundraising
  • $7,217,625
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Soso to purchase a plastic cutting machine.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 13, 2013
Listed
Mar 22, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014