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Grigol
Grigol is 56 years old. He lives in the small village of Tetritskaro District with his wife and two children. Grigol requested a loan from local financial institutions several times for his family business start-up, but without any success. His loan request was rejected every time, because of his low income and family’s poor living conditions.

The only source of income for Grigol's family is the monthly salary of Grigol’s wife, who works as a teacher at a local school. She earns a total of 170 Laris (GEL) per month. It is hardly enough to pay for food for the family. According to Credo estimates the family belongs to the 'subsistence poor' category.

Grigol requested a loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan programme envisages the provision of business start-up and re-start-up credits with soft conditions for the 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 Grigol will start a grocery store. He will purchase a stock of groceries to open the grocery store. He already has a space, where the grocery store will be situated. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan will significantly improve the living conditions of Grigol's 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
  • 91
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $675 helped Grigol to start a grocery store.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 4, 2013
Listed
Apr 19, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014