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Vano
Vano is 22 years old. He lives in Anaga village, Sighnagi district with his retired grandparents. Vano requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected because of low income and the family’s poor living conditions.
Vano is a professional car painter. He is working on private orders and earns a small salary. The family receives additional income from Vano’s grandparent’s monthly pensions.
Vano requested a loan from Credo to start-up a family business. Vano 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 provisions 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 Vano will purchase four piglets. He will raise them and soon sell them at a higher price at the local markets. This will help him to earn a good profit. Part of the profit he will reinvest to develop his farming. Another part he will use for the family’s well-being. 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 $1,200 helped Vano to purchase four piglets.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 30, 2013
Listed
May 4, 2013
Currency Exchange Loss:
N/A
Ended:
Dec 20, 2013