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David
David is 50 years old. He lives in a small village in the Tskaltubo District with his wife, two children, grandson, and mother, who is provided with a retirement pension. David requested loans from local financial institutions several times in order to start a family business, without any success. His loan requests were always rejected on the basis of low income and the family’s poor living conditions.

David's family is involved in agricultural activities. They have a plot of land, where they grow different kinds of vegetables. David’s son works as an artisan and gets a small monthly income. According to Credo estimations, the family belongs to the "subsistence poor" category.

David has requested a loan from Credo to start a family business. He has been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program provides business start-up and restart-up credit with soft conditions to the rural poor, who do not have access to other credit products because they are regarded as “high-risk borrowers.” With his loan, David will build a greenhouse. After the greenhouse is built, he plans to sow vegetables. The harvested vegetables will be sold at local markets, which he hopes will increase the family's income. David anticipates that 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

  • $4,600
    Average annual income
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,302,200
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $4,000 helped David to build a greenhouse.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 30, 2013
Listed
May 18, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2013