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Iuri
Iuri is 48 years old. He lives in Lagodekhi District with his 39-year-old wife and two children (14 and 12 years old). Iuri 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 family owns a small vineyard and a plot of agricultural land where fruit is grown. Harvested products are sold locally at the markets to get a small income. Iuri’s wife is a hospital nurse and she gets a small monthly salary which can hardly cover their food expenses.

Iuri requested a loan from Credo to start up a family business. His loan request was approved in the framework of 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 Iuri will purchase a car. He wants to start driving it as a taxi and serve local people to bring in additional income for the family. With the increased income Iuri will be able to cover their monthly expenses and provide his children’s future studies.

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
  • 74
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,200 helped Iuri to buy a car to drive as a taxi.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 11, 2013
Listed
Apr 15, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014