Check out some available loans that are similar to this one!
George
George is 29 years old. He lives in Kutaisi district with his wife, parents and 2-year-old son. George requested loans from local financial institutions several times for a family business start-up but without any success. His loan request was rejected each time because of low income and the family’s poor living conditions. The family owns commercial space rented out as a grocery shop.
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-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 loan, George will purchase stocks of groceries and refrigerators to open a grocery shop. The previous shop renters had some problems so George ended the rental contract and decided to use his space to open his own grocery shop. He thinks the business will be profitable as the shop is already well known in the neighborhood and has permanent clients. George will reinvest the profit to expand the business and purchase more stocks of products. 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
  • 95
    View loans »
    Georgia Loans Fundraising
  • $7,375,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped George to purchase stocks of groceries and refrigerators to open a grocery shop.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 26, 2013
Listed
Apr 30, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 16, 2014