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Elvar
Elvar is 29 years old. He lives in Marneuli District with his 23-year-old wife and parents. Elvar 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.

Elvar and his father are artisans. They work on house renovations on private orders and get small monthly salaries, which are rarely enough to cover the family's monthly expenses.

Elvar requested a loan from Credo to start up a family business. Elvar 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 his credit, Elvar will purchase a mini-bus. He will start trading with fruits and vegetables. Elvar will buy products from the big market, transport them to the local markets and sell them to the resellers and among the villagers with the price markup. This business will bring a good profit to Elvar. He will use part of the profit for reinvesting in the same field to purchase more products and to be able to offer better choice to the clients. Another part, Elvar will use for the family's 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
  • 91
    View loans »
    Georgia Loans Fundraising
  • $7,568,975
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Elvar to buy a mini-bus to transport fruits and vegetables.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 19, 2013
Listed
Apr 26, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014