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Levan
Levan is 55 years old. He lives in the capital city of Georgia, Tbilisi, with his 41-year-old wife Irma. Levan requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and his family’s poor living conditions.

The only source of the income for the family is from the business that Levan has. In particular, he is producing mastic for floors and gets small monthly income which is rarely enough for food.

Levan requested a loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. This start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Levan will purchase grocery stock to open a grocery shop in his own commercial space. As the space is in a populous area, Levan hopes he will have a big number of customers and earn good income. Part of the profit will be used for reinvesting in the same business. He will be adding more grocery stock in the shop to expand it. Another part will be used for providing better living conditions for his wife.

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
  • 78
    View loans »
    Georgia Loans Fundraising
  • $6,885,850
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $3,000 helped Levan to purchase grocery stock to open a grocery shop.
84% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 4, 2013
Listed
Apr 13, 2013
Currency Exchange Loss:
N/A