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Gela
Gela is 30 years old. He lives in Batumi District, West Georgia, with his wife and his mother, who is provided with a retirement pension. Gela requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.

Gela is involved in agricultural activities. He has a plot of agricultural land where different kinds of fruits and vegetables are grown. He sells the harvested products at local markets. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Gela 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. This start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Gela will start up a business selling clothing and bed-clothing. He plans to purchase clothing and bed-clothing at wholesale prices and then resell the goods with his wife at a higher price. They will be able to increase the income of the family. Part of the profit will be reinvested in the business. With another part of the profit they will be able to improve their living conditions.

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
  • $7,134,975
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $3,000 helped Gela to start up a business selling clothing and bed-clothing.
94% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 29, 2013
Listed
Apr 5, 2013
Currency Exchange Loss:
N/A