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Sergo
Sergo is 53 years old. He lives in the Senaki district with his wife, two sons and his retired in-laws. Sergo has previously requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected each time, because of low income and the family’s poor living conditions.

Sergo owns a car. He is renting it out and gets a small monthly income. In addition, the family's income includes Sergo’s parents in-laws' monthly pension. The total income of the family is rarely enough to cover their monthly expenses.

Sergo has requested a loan from Credo to start-up a family business. His loan request was approved within the framework of a new joint initiative of 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 low income.

With the credit received, Sergo will purchase a truck for towing cars. He will drive it himself, get private orders and earn additional income for the family. With the increased income, Sergo will be able to renovate the house that they live in and provide better living conditions for 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
  • 73
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,600 helped Sergo to purchase a truck for towing cars.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 5, 2013
Listed
Apr 12, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013