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Anzor
Anzor is 47 years old. He lives in the Batumi district with his 43 year old wife, three sons (Gela, Gocha, and Guram), daughter in-law and retired father. Anzor requested loans 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's main source of the income is monthly salaries and pensions. Gela is a taxi driver and earns a small daily income. Gocha is working in the military and Guram is an invalid and gets a monthly pension from the local government institutions. Additional family income is Anzor’s father’s monthly pension.

Anzor requested a loan from Credo to start up a family business. He 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 the 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, Anzor will renovate his new apartment to rent it out. He will purchase all the needed materials and pay the workers. As Batumi is a popular district for summer season, not only for locals but also for foreigners, the apartments for renting are highly requested in season. Anzor will renovate his apartment and rent it out to have additional income for his big family. With the increased income he will be able to provide better living conditions for his invalid son and retired father, both of whom need a lot of support due to their 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.

About Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

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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 Anzor to renovate his new apartment to rent it out.
100% repaid
Repayment Term
39 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 22, 2013
Listed
May 27, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2015