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Manuchar
Manuchar is 35 years old. He lives in a small village in the Terjola District with his wife and two children. Manuchar 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.

The only source of income for the family is from agricultural activities. In particular, they have a plot of land where they grow maize and sell it locally. Their income is hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Manuchar requested a loan from Credo to start up a family business. Manuchar has now been approved for a loan within the framework of the new joint initiative between 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 this loan, Manuchar will open a Georgian bread bakery. He will purchase all the needed equipment for building a bakery near his house. He hopes the business will be profitable because the location is very well populated. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of Manuchar's 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

  • $4,600
    Average annual income
  • 48
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,050 helped Manuchar to open a Georgian bread bakery.
87% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 12, 2013
Listed
May 10, 2013
Currency Exchange Loss:
Possible