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Bakar is 24 years old. He lives in Kutaisi District, West Georgia, with his 24-year-old wife, 53-year-old father, and an infant, Barbare. Bakar 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.

Bakar’s father is a car artisan. He works on private orders, fixes the cars and gets a small salary, which is the only source of the income for the family.

Recently, Bakar 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, Bakar will purchase a car at a low cost, to resell it with the price mark-up. He will reinvest the income to buy another car and develop this business. This will significantly increase the income for the family, and Bakar will be able to provide better living conditions for his young child.

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

  • $6,100
    Average annual income
  • 39
    View loans »
    Georgia Loans Fundraising
  • $8,091,775
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,300 helped Bakar to purchase a car at a low cost, to resell it later with the price mark-up.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Apr 4, 2013
Apr 9, 2013
Currency Exchange Loss:
May 17, 2014