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Akaki
Akaki is 35 years old. He lives in Gori District with his wife, Manana, and two children, who are going to school. Akaki requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time because of his low income and the family’s poor living conditions.

The only source of income for the family is Akaki’s small monthly salary. He is working in a bread bakery as a baker.

Akaki requested a 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. 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 low income.

With the received credit, Akaki wants to open his own bread bakery. He will rent a place and purchase all the needed equipment. As he is already working in this business and has great experience, Akaki hopes it 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
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,088,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,900 helped Akaki to purchase all the needed equipment for opening a bread bakery.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 22, 2013
Listed
Mar 29, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013