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George
George is 22 years old. He lives in the small village of Vani District with his parents. George requested a loan from local financial institutions several times for a family business start-up, without any success. His loan request was rejected each 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. Specifically, they have a milking cow whose milk is used in cheese production. In addition, they have a vineyard with 200 grape vines and agricultural land where nut trees are grown. They sell the harvested products and cheese at local markets.

George requested a loan from Credo to start-up a family business. George 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-ups 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, George will build a greenhouse. After the greenhouse is built, he will be able to sow cucumbers, tomatoes, and greens. George will sell the harvested products locally at a good price, increasing the family income. 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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped George to build a greenhouse.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 26, 2013
Listed
Apr 29, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014