Check out some available loans that are similar to this one!
Mikheil
Mikheil is 48 years old. He lives in Gurjaani district with his retired mother. Mikheil requested a 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 the family’s poor living conditions.

Mikheil’s father and wife are working abroad. They send home money transfers for the family and that’s the only income for them.

Mikheil requested a loan from Credo to start-up a family business. Mikheil 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 Mikheil will purchase a plot of agricultural land where there is a vineyard and also where peach trees are growing. He already has some savings and needs this loan to add to them and buy the land. As there are already crops growing on the land, Mikheil soon will have a good harvest. He is planning to use the profit and renovate his house to function as a hotel. 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
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Mikheil to purchase a plot of agricultural land.
100% repaid
Repayment Term
9 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 23, 2013
Listed
May 1, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013