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Mikheil
Mikheil is 32 years old. He lives in the capital city of Georgia, Tbilisi, with his 56-year-old uncle and 31-year-old cousin, Levan. Mikheil 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 his low income and the family’s poor living conditions.

Mikheil has a car. He drives it as a taxi to earn a daily income. His uncle is working on the bus line. Mikheil’s cousin, Levan, is an artisan and works on constructions and renovations for private orders. They all get a small monthly income.

Mikheil requested a loan from Credo to start up a family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up 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, Mikheil will install gas equipment in his car, as it is much cheaper than petrol. He will continue driving it as a taxi. This will significantly decrease his expenses and increase his profit. Having an increased income will give Mikheil an opportunity to 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
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,148,425
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $600 helped Mikheil to install gas equipment in his car.
100% repaid
Repayment Term
10 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 1, 2013
Listed
Apr 7, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013