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Gaga is 32 years old. He lives in Akhmeta Kutaisi district, West Georgia, with his wife and parents. Gaga requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time because of low income and the family’s poor living conditions. Gaga works at a local wood workshop as an artisan. His mother works at the local grocery shop as a seller. They both get small monthly salaries which are barely enough to cover family monthly expenses.
Gaga requested a loan from Credo to start a family business. His loan request was approved in the frame of 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 country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Gaga will start trading with wood materials himself. As he is already experienced in this field, Gaga will purchase wood materials at the wholesale price from Turkey at a low cost and sell them with a price markup to the resellers among his district. He will use part of the profit for reinvesting in the same field and purchase more materials in order to develop the business. Gaga will use the rest for covering monthly expenses and providing better living conditions for his 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
  • 38
    View loans »
    Georgia Loans Fundraising
  • $7,906,225
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,000 helped Gaga to start trading with wood materials.
100% repaid
Repayment Term
9 months (Additional Information)
Repayment Schedule
Apr 10, 2013
Apr 20, 2013
Currency Exchange Loss:
Dec 20, 2013