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Gocha
Gocha is 37 years old and from a small village in Martvili District. He is married and lives with his wife, two children and mother, who is provided with a retirement pension. Gocha has requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time, because of low income and family’s poor living conditions.

The only source of the income for the family is Gocha’s small monthly income working as a baker at local bakery. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Gocha requested a loan from Credo to start up a family business. His loan request was approved within the frame 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 country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Gocha will rent a bakery. He plans to start his own bakery and increase the income of the family. He has chosen a commercial space, which is in very crowded area, so he hopes that the business will be profitable. 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
  • 95
    View loans »
    Georgia Loans Fundraising
  • $7,310,200
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $800 helped Gocha to rent a bakery and start his own business.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 27, 2013
Listed
Mar 28, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014