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Manana
Manana is 55 years old. She lives in a small village of Kareli District, with her husband. Manana requested a loan from local financial institutions several times for a family business start-up, but without any success. Her 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 milking cow, whose milk is used in cheese production. Besides, they have 0.7 hectare of agricultural land, where apple, plum and cherry trees are grown. They sell the harvested products locally. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Recently, Manana requested a loan from Credo to start up a family business. Her 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 Manana will open a new bakery. She will install natural gas and purchase all the needed equipment and supplies for the bakery. After opening a bakery, she and her husband will work hard to increase the income of the family. 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
  • 53
    View loans »
    Georgia Loans Fundraising
  • $7,088,700
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Manana to open a new bakery.
100% repaid
Repayment Term
24 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 30, 2013
Listed
Apr 4, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014