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George
George is 36 years old. He lives in Telavi district with his wife, Nunu, his retired father and retired aunt. George requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.

George is a professional singer. He is singing at the local restaurant for private parties, and he gets a small income. His wife, Nunu, is a music teacher at the local school. The family gets additional income from George’s father’s and aunt’s monthly pensions.

George requested loan from Credo to start up family business. George 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 restart-up credit, with soft conditions, to rural poor people, who do not have access to other credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.

With his credit George will open a bakery and make Georgian bread. He has a space in his garden, and he wants to renovate it, purchase all the needed equipment, and start baking bread there. The bread will be sold from the bakery. This business is popular in his district, and he hopes it will be successful. 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
  • 46
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped George to open a bakery and make Georgian bread.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 13, 2013
Listed
May 19, 2013
Currency Exchange Loss:
N/A
Ended:
Sep 17, 2014