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Tamaz
Tamaz is 61 years old. He lives in Kianeti village, Bolnisi District with his 59-year-old wife Nanuli. Tamaz 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.

The main source of the income for the family is from agricultural activities. In particular, they own a plot of land and a vineyard. Tamaz cultivates the land and plants different kinds of fruit and vegetables. Harvested grapes are used to make vodka and wine. They are sold with the harvested fruits and vegetables at the local markets. The family also has a pig and four piglets. Nanuli is looking after them. Later when piglets are grown they will be sold as meat.

Tamaz requested a loan from Credo to start-up a family business. Tamaz 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 Tamaz will purchase two milk cows. They will be milking the cows every day and making dairy products. The products will be sold at the local markets and among the villagers so the family will be able to earn a good profit. Part of the profit will be used for reinvesting in the same field, in order to expand their agricultural business and another part for covering their monthly expenses. 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
  • 78
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped Tamaz to purchase two milk cows.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 19, 2013
Listed
Apr 26, 2013
Currency Exchange Loss:
Possible
Ended:
Apr 16, 2014