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Irma
Irma is 43 years old. She lives in the small village of Tsageri District with her parents, who are provided with a retirement pension. Irma requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of her low income and the family’s poor living conditions.

The only source of the income for the family is the monthly retirement pension of her parents. It totals 220 Laris per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Irma requested a loan from Credo to start up a family business. Irma 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, Irma will begin a trade in clothing and bedclothes. She plans to purchase clothing and bedclothes in Turkey and then resell them among her villagers at a higher price. This will increase the income of 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
  • 67
    View loans »
    Georgia Loans Fundraising
  • $7,539,975
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $600 helped Irma to begin a trade in clothing and bedclothes.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 19, 2013
Listed
Apr 27, 2013
Currency Exchange Loss:
N/A
Ended:
May 17, 2014