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Madona
Madona is 49 years old. She lives in Tbilisi, the capital city of Georgia. She works as a waitress at a local restaurant and earns a small monthly income. Madona requested loans from local financial institutions several times for a family business start-up but without any success. Her loan requests were rejected each time because of low income and her family’s poor living conditions.

Madona requested a loan from Credo to start up 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-start-up credits with soft conditions to the country's rural poor. They do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Madona will trade with clothing and household goods. She will go to Turkey and purchase clothing and household goods from the wholesalers and then resale them in Tbilisi. This will increase the income of her family. 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
  • 87
    View loans »
    Georgia Loans Fundraising
  • $7,202,675
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $600 helped Madona to begin trading with clothing and household goods.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 6, 2013
Listed
Apr 19, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014