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Mariam
Mariam is 21 years old. She lives in the small village of Sachkhere District with her parents and brother. Mariam requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of her low income and her family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have two milking cows and 0.75 hectare of agricultural land. They produce dairy products to sell locally. It is hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Mariam requested a loan from Credo to start a family business. Mariam 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 her credit, Mariam will purchase all the needed equipment, rent a commercial space and open a beauty salon. She had been working in a beauty salon and is very experienced in this field. The new business initiative, financed with the Kiva Start-up loan, will significantly increase the monthly income of the family and they will be able to improve their living conditions.

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
  • 61
    View loans »
    Georgia Loans Fundraising
  • $6,854,250
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Mariam to purchase equipment and pay rent for her new beauty salon.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 18, 2013
Listed
Apr 30, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014