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Guranda
Guranda is 34 years old. She lives in Batumi District with her husband, two children and her mother-in-law. Her mother-in-law receives a retirement pension. Guranda has requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected each time because of low income and the family’s poor living conditions.

The only source of the income for the family is a car wash, which is rented out. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Guranda requested a loan from Credo to start up a family business. Guranda has now been approved for a loan within 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 rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With her credit Guranda will open a beauty salon in her house, which is located in the center of Batumi. She will purchase all the necessary equipment for the salon. This will be an additional and stable source of income for the 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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,000 helped Guranda to open a beauty salon.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 16, 2013
Listed
Apr 24, 2013
Currency Exchange Loss:
N/A
Ended:
Feb 17, 2014