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Ramin
Ramin is 22 years old. He lives in a small village of the Zestaponi District with his wife and grandparents, who are provided with a retirement pension. Ramin requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected because of low income and the family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have 4 milking cows, whose milk is used in cheese production. They sell cheese at local markets. Besides, they have 0.8 hectare of agricultural land. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Ramin requested a loan from Credo to start-up a family business. Ramin 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 provisions 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 Ramin will purchase a minibus. After purchasing a minibus, he will gather scrap iron from his village and then he will deliver it and earn money from it at the scrapyard. This will increase the income of his 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
  • 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 $1,525 helped Ramin to purchase a minibus to haul scrap iron.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 18, 2013
Listed
Apr 29, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2014