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David
David is 37 years old. He lives in Telavi District with his wife and parents. David requested a loan from local financial institutions several times for a family business start-up but without any success. His loan request was always rejected because of low income and his family’s poor living conditions.

The only source of income for the family is the monthly pension of David’s parents. It brings in a total of 250 laris per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

David requested a loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-ups 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 their low income.

With the received credit David will open a café in the center of Telavi. He has rented a commercial space and will purchase inventory for the café. After the café is opened, the family will have a source of income. David will reinvest part of the profit in the business and with the other part provide better living conditions for 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
  • 108
    View loans »
    Georgia Loans Fundraising
  • $7,351,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped David to open a cafe.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 2, 2013
Listed
Apr 7, 2013
Currency Exchange Loss:
N/A
Ended:
Feb 17, 2014