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Ivane
Ivane is 59 years old. He lives in the Akhaltsikhe district with his 53-year-old wife, Mzia, and two children.

Ivane 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 only source of income for the family is Mzia’s monthly salary. She is working at the local restaurant as a waitress. The small salary that she earns is not even enough for food for the family.

Ivane 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-start-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.

With his credit, Ivane will purchase raw materials for his cement workshop. He will start producing cement blocks and sell them to the resellers at a good price to earn additional income for the family.

Ivane will have a new family business and will work hard to make it profitable. He will be reinvesting part of the profit in the same field, and another part will be used to improve 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
  • 88
    View loans »
    Georgia Loans Fundraising
  • $7,202,675
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $500 helped Ivane to purchase raw materials for his cement workshop.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 26, 2013
Listed
May 11, 2013
Currency Exchange Loss:
N/A
Ended:
Jun 17, 2014