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Malkhaz is 40 years old. He lives in the village of Klde, Akhaltsikhe district, with his wife, Shorena, and three children who are going to school. Malkhaz requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time because of low income and his family’s poor living conditions.

The main source of income for the family is from agricultural activities. They own a plot of land. Malkhaz cultivates the land and plants potatoes and maize. Harvested products are sold locally at the markets and the family gets a small monthly income.

Malkhaz requested 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. This start-up loan program envisages 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 Malkhaz wants to open a shoe shop. He will rent a space in Akhaltsikhe's local market and purchase shoes at the wholesale price. Malkhaz will be selling shoes himself with a price mark up and earn additional income. He wants to reinvest the profit and develop his new business to have more income. More income will help Malkhaz to have better living conditions for his family and to provide future education for his children.

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
  • 38
    View loans »
    Georgia Loans Fundraising
  • $7,802,825
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,000 helped Malkhaz to rent a space and open a shoe shop.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Mar 18, 2013
Mar 28, 2013
Currency Exchange Loss:
Apr 16, 2014