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Aslan
Aslan is 26 years old. He lives in Kutaisi, West Georgia with his 26-year-old wife and two children (seven and three years old). Aslan requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

Aslan is an artisan. He is working on constructions for private orders and gets a small monthly income which is rarely enough for the food for the family.

Aslan requested loan from Credo to start up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Aslan will purchase two cars to start a food business. After purchasing cars he will buy food products at the wholesale price from the big market in Kutaisi district. All the products will be transported by cars in nearby regions to sell with the price markup among the villagers and at the local markets. Part of the profit Aslan will be reinvesting for purchasing more variety of product to offer better choice to the customers. Another part will be used for family well being. 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
  • 50
    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 $5,000 helped Aslan to purchase two cars to start a food business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 5, 2013
Listed
Apr 19, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2013