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Mariam
Mariam is 63 years old. She lives in Tkibuli District with her husband. Several times, Mariam requested a loan from local financial institutions for a family business start-up, but without any success. Each time, her loan request was rejected because of low income and her family’s poor living conditions.

The only source of the income for the family is a monthly pension of Mariam and her husband. It is hardly enough for food for the family. According to Credo estimations the family belongs to the 'subsistence poor' category.

Mariam requested a loan from Credo to start-up a family business. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages 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 received credit, Mariam will begin to trade with used clothing. She will purchase used clothing at wholesale prices and then resell the items among her villagers. She had worked in this sphere and is experienced and hopes that it will be profitable. The new business initiative, financed with the Kiva start-up loan, 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

  • $4,600
    Average annual income
  • 51
    View loans »
    Georgia Loans Fundraising
  • $7,169,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Mariam to begin to trade with used clothing.
100% repaid
Repayment Term
16 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Mar 30, 2013
Listed
Apr 15, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013