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Madona
Madona is 52 years old. She lives in Martvili district, with two brothers and her retired mother. Madona 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 low income and the family’s poor living conditions.

The family runs an agricultural business. In particular, they have a milk cow, one pig, and a plot of agricultural land where nut trees are grown. They milk the cow and make cheese, and this is sold with the harvested nuts, at the local markets. In addition, the family has additional income from Madona’s mother’s monthly pension.

Recently, Madona requested a loan from Credo to start up a family business. Madona 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 restart-up 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 Madona will start trading in flour. She will purchase the product at the wholesale price and sell it, with a price markup, among the villagers and at the local markets. This business will bring Madona an additional income. With this income, she wants to start renovating the family's house, to have better 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

  • $6,100
    Average annual income
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,802,825
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Madona to start trading in flour.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 25, 2013
Listed
May 1, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014