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Irakli
26-year-old Irakli lives in Rustavi district with his 22-year-old wife, brother, and an infant son (1 year old). Irakli 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 low income and the family’s poor living conditions. The family is out of a source of income at this moment.
Irakli requested a loan from Credo for a 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 start trading in household goods. He will rent a counter at the local market and purchase stock of the products. Irakli’s mother used to work in this business before she passed away one month ago, so Irakli is already advised in this field. This will help him to make his business successful and profitable. He will earn an income for the family and they will be able to cover monthly expenses.

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
  • 48
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $3,000 helped Irakli to start trading in household goods.
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2013
Listed
May 27, 2013
Currency Exchange Loss:
N/A
Expired:
Jun 26, 2013