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Merab
Merab is 52 years old. He lives with his brother in Tbilisi, the capital city of Georgia. Merab requested loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected every time because of low income and his family’s poor living conditions.

Nowadays the family is out of resources. According to Credo estimations, the family belongs to the subsistence poor category.

Merab requested loan from Credo for start-up of a family business. His loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisions provision of business start-up and re-startup credits with soft conditions to a country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Merab will pay a toll for his car. After the toll is paid, he plans to serve local people as a taxi driver and earn money. The family will have a source of income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of his 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

  • $6,100
    Average annual income
  • 75
    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 $800 helped Merab to pay a toll for his car.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 19, 2013
Listed
Mar 25, 2013
Currency Exchange Loss:
N/A
Ended:
Feb 17, 2014