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Ushangi is 21 years old. He lives in the Zestafoni district with his mother and sister. Ushangi has requested a loan from local financial institutions several times to start a family business, but he has had no success. His loan request was rejected each time, because of low income and his family’s poor living conditions.

The main source of the family's income is from agricultural activities. In particular, they have a vineyard and a plot of land where maize is grown. With the harvested grapes they make wine. The sell the wine and the maize locally at the markets. The family's total income is rarely enough to cover their monthly expenses.

Ushangi requested a loan from Credo to start a family business. His loan request was approved under a new joint initiative of Kiva and Credo. The start-up loan program provides credit with "soft" conditions for a business start-up or re-startup to the country's rural poor who do not have access to credit products. Generally, these customers are regarded as “high risk borrowers” because of their low income. With the loan Ushangi will renovate commercial space that he owns. He wants to start selling cars. He will purchase from Europe at a low cost and sell at a marked-up price in Georgia. For this business he needs an office to work from. After the office is renovated Ushangi will be able to start working and making a profit to bring additional income to the family. He will reinvest part of the profit in his business. The increased income 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

  • $6,100
    Average annual income
  • 44
    View loans »
    Georgia Loans Fundraising
  • $8,094,625
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,275 helped Ushangi to renovate commercial space.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Apr 2, 2013
Apr 12, 2013
Currency Exchange Loss:
Jan 18, 2014