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Vazha
Vazha is 54 years old. He lives in Kutaisi district with his daughters (19 and 25 years old). Vazha requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time because of low income and the family’s poor living conditions.

Vazha’s wife is abroad and she is sending transfers to the family. Their additional income is Vazha’s elder daughter’s monthly salary. She is working as a nurse at the local clinic.

Vazha requested a loan from Credo to start up his family business. Vazha 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 the 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 Vazha will finish renovation work and purchase grocery stock to open a grocery shop. He owns a commercial space where small jobs are left to finish renovations. After finishing renovation he will purchase grocery stock and open a grocery shop there. Vazha is very hardworking man and he will work as a seller to decrease the expenses and increase his profit. 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
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,799,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Vazha to finish renovation work and purchase grocery stock to open a grocery shop.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 10, 2013
Listed
May 5, 2013
Currency Exchange Loss:
N/A
Ended:
May 17, 2015