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Irakli
39 years old Irakli lives in the capital city of Georgia, Tbilisi with his 28 year old wife Nato. Irakli requested 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.
The only source of the income for the family is from the Georgian bread bakery. Irakli bakes the bread, which is sold from the bakery and in nearby shops.
Irakli requested loan from Credo to start-up family business. Irakli 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 Irakli will renovate the bakery and purchase more materials. He wants to expend the business. After renovation Irakli will add more inventories, which will give him an opportunity to bake more bread and increase his income. 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
  • 90
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,300 helped Irakli to renovate the bakery and purchase more materials.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2013
Listed
May 23, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2014