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Irakli is 28 years old. He lives in Batumi District with his 21-year-old wife, 56-year-old mother and an infant child (1 year old). Irakli requested loan from local financial institutions several times for a family business start-up, but he did not have any success. His loan request was rejected every time because of his low income and his family’s poor living conditions.

The only source of the income for the family is Irakli’s monthly salary. He works in a sugar company as a distributor. The amount of salary is really small and it’s rarely enough to feed the family.

Irakli requested a loan from Credo to start up family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. This start-up loan program envisages providing 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 their low income. With the received credit, Irakli will purchase grocery stocks to open a grocery store. He will work in the shop himself so there won’t be extra expenses to pay for an employee. This will significantly increase the profit. Part of the profit will be used for reinvesting and developing the shop. Irakli will be purchasing more stocks of groceries to offer a wide variety of products to his clients. The new business will bring a good income to Irakli and his family and they will be able to improve their living conditions.

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
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Irakli to purchase grocery stocks to open a grocery store.
100% repaid
Repayment Term
16 months (Additional Information)
Repayment Schedule
Apr 6, 2013
Apr 18, 2013
Currency Exchange Loss:
Mar 17, 2014