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Merab
Merab is 53 years old. He lives in the small village of Samtredia District with his wife, son, daughter-in-law, and two grandchildren. Merab requested a loan from local financial institutions several times for his family's 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 only source of the income for the family is from agricultural activities. In particular, they have four milking cows and two calves, whose milk is used in cheese production. Besides that, they have a vineyard and 500 nut trees. They sell the harvested products and cheese at local markets. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Merab requested a loan from Credo to start-up a family business. His loan request was approved in the framework of the new joint initiative of Kiva and Credo. This start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Merab will open a car wash. He will purchase all the needed equipment for it and will work hard to increase the income of the family. Merab hopes that the car wash will be profitable and he will do his best to satisfy his clients. 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
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,014,025
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Merab to open a car wash.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 5, 2013
Listed
Apr 28, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2014