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Gocha
Gocha is 45 years old. He lives in Rustavi district with his 29-year-old wife Nino. Gocha requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of his low income and his family’s poor living conditions. Gocha’s wife Nino is a teacher at the local school and earns a small monthly salary of 300 Gel. This is the only source of living for them.

Gocha requested a loan from Credo to start a family business. Gocha 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, Gocha will purchase a mini-bus. He will start working on a bus line, Rustavi-Tbilisi. As Rustavi is very close to the capital city, a lot of people travel to Tbilisi every day. This bus line direction is in great demand and Gocha will have a lot of passengers every day. It will help him to earn a good income and improve his family's 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.

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About Georgia

  • $4,600
    Average annual income
  • 104
    View loans »
    Georgia Loans Fundraising
  • $7,324,475
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Gocha to buy a mini-bus.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2013
Listed
May 27, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 17, 2014