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Mikheil
Mikheil is 26 years old. He lives in the Kutaisi district with his father, Irodi. Mikheil requested a loan from local financial institutions several times for a 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. The family owns a commercial space which they are renting out. This is the only income for the family and it’s rarely enough for food for them.

Mikheil requested a loan from Credo to start up a family business. He 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 this credit, Mikheil will purchase all the needed materials to produce lemonade. He has already bought a lemonade workshop and mounting for starting the business. Now he needs to buy bottles, stickers and all the other materials to start producing lemonade. Mikheil and his father will work very hard to make their business profitable. Mikheil will use part of the profit to reinvest in the same business and another part for improving the family's 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
  • 52
    View loans »
    Georgia Loans Fundraising
  • $6,847,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Mikheil to purchase all the needed materials to produce lemonade.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 26, 2013
Listed
May 4, 2013
Currency Exchange Loss:
N/A
Ended:
May 17, 2014