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Madona
Madona is 38 years old. She lives in Kobuleti district with her 43-year-old husband Edward, retired mother in-law and an infant child.

Madona has requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected each time, because of their low income and the family’s poor living conditions.

Madona’s husband Edward is an artisan and works on private orders to get a small monthly income. Their additional income is Edwards’s mother’s pension.

Madona has requested a loan from Credo to start-up family business. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the 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 low income. With the credit received, Madona will purchase all the equipment required for a beauty salon. She has rented a commercial space and will hire professionals to start a business. The rented space is in a crowded area and Madona hopes that it will attract good numbers of clients and will bring a good profit. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family's income and 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
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $450 helped Madona to purchase all the equipment required to open a beauty salon.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 21, 2013
Listed
Mar 27, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2013