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Lorita
Lorita is 50 years old. She lives in the capital city of Georgia, Tbilisi, with her husband, son, daughter in-law and two infant children. Lorita requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan requests were rejected all the time because of low income and the family’s poor living conditions.

The only source of income for the family is the monthly salary of Lorita’s husband. He is working as a driver on a bus line.

Lorita requested a loan from Credo to start up a family business. Her loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high-risk borrowers” because of their low income.

With the received credit, Lorita wants to start trading in clothes. She will rent a counter at a big market in Tbilisi, purchase clothes at wholesale prices and resell with the price markup. Lorita will be selling clothes herself. This will decrease her expenses and increase the profit. Part of the profit will be used for reinvesting in the same business and purchasing more clothes. Another part she will use for the family to provide better living conditions for them.

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
  • 71
    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 $5,000 helped Lorita to rent a counter and purchase clothes at wholesale prices to resell with the price markup.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 16, 2013
Listed
Mar 25, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 17, 2015