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David
David is 50 years old and lives in Khashuri district with his retired mother. David requested loans from local financial institutions several times for a family business start-up but without any success. His loan request was rejected each time because of low income and the family’s poor living conditions.
David is an artisan who makes steel doors for private orders in his own workshop. Additional income comes from David’s mother’s monthly pension.
David requested a 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 start trading with cement. He will buy cement bags at wholesale prices from the cement factory in Kaspi district and sell the bags with the prices marked up at the local market in Khashuri. This new business will give David an opportunity to earn additional income for the family and improve their living conditions.

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
  • 51
    View loans »
    Georgia Loans Fundraising
  • $7,169,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,800 helped David to start a retail business selling cement.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 15, 2013
Listed
May 20, 2013
Currency Exchange Loss:
N/A
Ended:
Jun 17, 2014