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Aleksi
Aleksi is 38 years old. He lives in Balichi village, Bolnisi district, with his 29-year-old wife Nino and retired father. Aleksi 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 his family’s poor living conditions.

The main source of the income for the family is from agricultural activities. In particular, they have a plot of land where potatoes, maize, and haricot are grown. Also, the family owns a milk cow, which is milked every day to make dairy products. All the products are sold together at the local markets. Family additional income is Aleksi’s father's monthly pension.

Aleksi requested a loan from Credo to start up a family business. He 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 the 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, Aleksi will purchase grocery stock to open a grocery shop. His family will be selling the products from the shop themselves so they don’t have to have the extra expense of paying a salary to the seller. This will significantly increase their profit. He will be reinvesting part of the profit into purchasing more grocery stock in order to have better choices to offer to the clients. The other part, Aleksi will use for covering family monthly expenses and providing better living conditions for them.

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
  • 102
    View loans »
    Georgia Loans Fundraising
  • $7,355,875
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,125 helped Aleksi to purchase grocery stock to open a grocery shop.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 24, 2013
Listed
May 17, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014