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Tamaz
Tamaz is 24 years old. He lives in a small village of Khobi District, with his parents. Tamaz 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 low income and the family’s poor living conditions.

The only source of income for the family is their the agricultural activities. In particular, they have a vineyard and a plot of agricultural land, where nut trees are grown. They sell the harvested products locally. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Recently, Tamaz requested a loan from Credo to start up a family business. His loan request was approved, in the frame of a new joint initiative of Kiva and Credo. The Start-up loan program envisages provision of business start-up and restart-up credits, with soft conditions, to rural poor people, who do not have access to other credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Tamaz will start a car wash. He will purchase the essential car-washing equipment and vacuum cleaners for starting the business. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the income and 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
  • 113
    View loans »
    Georgia Loans Fundraising
  • $7,351,275
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped Tamaz to buy the necessary equipment for starting up a new car wash business.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 29, 2013
Listed
Apr 3, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2014