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Parid
Parid, 21, lives in Marneuli District with his sister, parents, and grandmother, who is provided with a retirement pension. Parid requested loans from local financial institutions several times for a family business start-up but without any success. His loan request was always rejected because of his low income and his family’s poor living conditions. The only source of income for the family is the small monthly income of his mother, working at the local municipality, and his grandmother’s monthly pension. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Parid requested a loan from Credo to start a family business. His loan request was approved in the framework of the new joint initiative between Kiva and Credo. This start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to the country's rural poor. These rural poor do not have access to credit products, as they are regarded as “high risk borrowers” because of their low income. With the credit received, Parid will purchase a stock of groceries to open a grocery store. He has a commercial space where he plans to open the store. With this new business initiative, financed with the Kiva Start-up loan, Parid will be able to increase the income of his family and it will significantly improve the living conditions of his 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
  • 89
    View loans »
    Georgia Loans Fundraising
  • $7,202,675
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,200 helped Parid to purchase stock of groceries and open a grocery store.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 21, 2013
Listed
Mar 31, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013