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Forty-three year old Vasil lives in Norio village, Gardabani district with his wife and two children (14 and 17 years old). Vasil requested a loan from the local financial institutions several times for his family business start-up, but without any success. His loan request was rejected every time because of his low income and his family’s poor living conditions. Vasil is a driver. He is working privately and transports cargo to earn a small monthly income. The family also has 30 chickens. They sell eggs at the local market and earn additional income for the family.

Vasil requested loan from Credo to start-up a family business. Vasil has now been approved for a loan within the framework of the new joint initiative between Kiva and Credo. The start-up loan program envisages a provision of business start-up and restart-up credits with soft conditions for 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 Vasil will open a car washing center in his garden. He will purchase all the needed equipment and start washing cars. As Vasil is a very hard working man, he will try his best and work hard to make his business successful and profitable. The increased income will help Vasil and his family to improve their living conditions and have better life.

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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $7,812,050
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD
A loan of $2,100 helped Vasil to open a car washing center.
Repayment Term
22 months (Additional Information)
Repayment Schedule
May 22, 2013
May 26, 2013
Currency Exchange Loss:
Jun 25, 2013