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David
David is 49 years old. He lives in the village of Tetritsklebi, Telavi District with his wife and two children (12 and 17 years old). David requested loans from local financial institutions several times for family business start-up, but without any success. His loan requests were rejected all the time, because of low income and family’s poor living conditions.

The family runs an agricultural business. In particular, they have four milk cows and a plot of agricultural land, where apple trees are grown. The cows are milked every day to make cheese. Harvested apples and cheese are sold locally at the markets and the family gets a small monthly income. This is the only source of living for them, which is rarely enough for covering the food expenses.

David requested loan from Credo to start up a family business. David 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-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 his credit, David will purchase chicks. He will raise the chicks and sell them later at a higher price to earn a good profit. Part of the profit David will use to reinvest in the same business and develop his farming. Another part will be used to cover family monthly expenses and provide for his children's future studies.

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
  • 62
    View loans »
    Georgia Loans Fundraising
  • $6,854,250
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped David to purchase chicks.
100% repaid
Repayment Term
10 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
May 10, 2013
Listed
May 19, 2013
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2014