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Armen
Armen is 28 years old. He lives in Bolnisi district with his parents. Armen 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 his low income and family’s poor living conditions.

Armen has a grocery shop and he earns small daily income for the family. He also trades fruits and vegetables. His mother has a health problems and she is getting a monthly pension from government institutions.

Armen requested loan from Credo to start-up a family business. Armen 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 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 Armen will open a car service center. He will purchase all the needed materials to build the center and also the equipment for it. Armen is a car artisan and wants to start his new business. As he is well known among the villagers he will have good numbers of clients and earn additional income for the family. 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.

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About Georgia

  • $6,100
    Average annual income
  • 79
    View loans »
    Georgia Loans Fundraising
  • $7,710,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Armen to open a car service center.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 2, 2013
Listed
May 12, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014