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Bakar
Bakar is 62 years old. He lives alone in the village of Matani, Akhmeta District. Bakar has requested a loan from local financial institutions several times for family business start-up without any success. His loan requests are rejected all the time because of his low income and his family’s poor living conditions. The only source of income for Bakar is his monthly pension.

Bakar requested a loan from Credo to start-up a family business. Bakar 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.

Bakar will purchase grocery stock to open a grocery shop with his credit. He already has a commercial space where he will open a shop. After purchasing the grocery stock, Bakar will work in the shop as a seller himself. This will decrease his expanses and increase the profit. He will reinvest part of the profit in the same business and use another part to improve his 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
  • 78
    View loans »
    Georgia Loans Fundraising
  • $6,884,900
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Bakar to purchase grocery stock to open a grocery shop.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 3, 2013
Listed
May 4, 2013
Currency Exchange Loss:
Possible
Ended:
Aug 17, 2013