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Nona is 49 years old. She lives in Batumi district with her husband and son. Nona requested loan from local financial institutions several times for family business start-up, but without any success. Her loan request was rejected all the time, because of low income and family’s poor living conditions.
The only source of the income for the family is from the Georgian bread bakery. They are baking the bread and sell it from the bakery to earn small daily income, which is rarely enough to cover their monthly expenses.
Nona requested loan from Credo to start-up family business. Nona 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 her credit Nona will purchase a car and also renovate the bakery. With the new car Nona will start distributing the bread at the local shops and increase the sales quantity. As the bakery is already well known for the local people Nona will have good numbers of shops to distribute the bread. It will significantly expand her business and increase the profit. The new business initiative, financed with the Kiva Start-up loan will help Nona to provide better 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

  • $6,100
    Average annual income
  • 40
    View loans »
    Georgia Loans Fundraising
  • $8,091,775
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,000 helped Nona to purchase a car and also renovate the bakery.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
May 14, 2013
May 23, 2013
Currency Exchange Loss:
Nov 18, 2013