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Vazha
Vazha is 62 years old. He lives in Tbilisi, the capital city of Georgia, with his wife and son. Vazha 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 family’s poor living conditions.

Vazha is a hired worker at a local bread factory, making a total of 300 Laris (GEL) per month, which is the only source of income for the family. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Vazha requested a loan from Credo to start up a family business. Vazha 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, Vazha will begin a trade in fruits and vegetables. He plans to purchase fruits and vegetables at wholesale prices and then resell them from the counter near his house. 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

  • $6,100
    Average annual income
  • 87
    View loans »
    Georgia Loans Fundraising
  • $7,706,100
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $300 helped Vazha to begin a trade in fruits and vegetables.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 20, 2013
Listed
Apr 27, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014