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Iuri
Iuri is 36 years old. He lives in Gelati village, Tkibuli district, with his 33-year-old wife, his retired mother and his two-year-old son. Iuri requested loan from local financial institutions several times for 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.

The main source of the income for the family is from agricultural activities. In particular, they have 4 milk cows, 2 calves, a vineyard and plot of agricultural land. The cows are milked every day to make dairy products. From the harvested grapes family makes wine and vodka. All the products are sold locally at the markets so the family gets a small monthly income.

Iuri requested loan from Credo to start up a family business. Iuri 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 Iuri will purchase chicks. He already has cages ready for them. After buying the chicks, Iuri will raise them and sell as chickens at a good price. This will bring him a good profit. Part of the profit will be reinvested in the same business, in order to expand his poultry. Another part will be used for family well-being. 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
  • 78
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Iuri to purchase chicks.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 1, 2013
Listed
Apr 30, 2013
Currency Exchange Loss:
N/A
Ended:
Jun 17, 2014