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Merab
Merab is 28 years old and lives in Tsalka District with his wife and three children. He works as a mechanic at an auto repair shop. The family has a plot of land where they grow potatoes and then sell them at local markets. But the money Merab earns is hardly enough to pay for food for the family. According to Credo estimations the family belongs to the subsistence poor category.


Merab requested a loan 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 his low income and the family’s poor living conditions.


Merab then requested a 3000 USD start-up loan from Credo. His request was approved within the framework of a new joint initiative between Kiva and Credo. This start-up loan program envisions providing start-up and re-startup loans with easy terms to country rural poor who do not have access to credit products, as they are regarded as high-risk borrowers due to low incomes.


With his loan Merab will open an auto parts shop. As he is well known locally and has a good number of clients, he thinks that the business will be profitable. This new business initiative financed with a Kiva start-up loan will significantly improve the living conditions of Merab’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
  • 56
    View loans »
    Georgia Loans Fundraising
  • $7,088,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Merab to open an auto parts shop.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 30, 2013
Listed
May 11, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 16, 2014