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Mkrtich
Mkrtich is 40 years old. He lives in Akhaltsikhe District with his parents, two children and wife. Mkrtich requested a loan from local financial institutions several times for 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.

Mkrtich’s father serves the local people as a taxi driver and gets a small monthly income, and his mother is provided with a retirement pension. Mkrtich has a grocery store locally. There is hardly enough food for the family. According to Credo estimations the family belongs to the subsistence poor category. His loan request was approved in the framework of the 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 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, Mkrtich will purchase a stock of groceries for his grocery store. After the stock is purchased he will be able to offer more varieties of products to his customers. As the customers will be more satisfied, he will increase his income and will reinvest in the same business. 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

  • $6,100
    Average annual income
  • 89
    View loans »
    Georgia Loans Fundraising
  • $7,692,575
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped Mkrtich to purchase a stock of groceries for his grocery store.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 12, 2013
Listed
Apr 20, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013