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Elene is 51 years old. She lives in Adigeni district with husband, Temur, her 29-year-old son and her daughter in-law. Elene requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time because of low income and the family’s poor living conditions.

The family owns a small plot of land where potatoes are grown. Harvested products are sold locally at the markets. They also have a Georgia bread bakery. Elene’s husband, Temur, is baking the bread and sells it from the bakery. Elene’s son is an artisan. He is working on private orders and brings additional income into the family.

Elene requested a loan from Credo to restart a family business. Her loan request was approved in the framework of a new joint initiative of 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, Elene will purchase grocery stock to open a grocery shop. Elene used to have a shop before and now wants to restart it again. As she is already experienced in this field, Elene will work hard and make her business successful. She will reinvest the profit and purchase more stock of groceries to offer better choice of products to her clients. This will increase her income, and Elene will be able to provide a better life for her 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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Elene to purchase grocery stock to open a grocery shop.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Apr 12, 2013
Apr 17, 2013
Currency Exchange Loss:
Apr 16, 2014