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George
36-year-old George lives in Zestaponi district with his retired father. George requested a 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 the family’s poor living conditions.

The family owns a vineyard. From the harvested grapes George makes wine and sells it locally at the markets to earn a small monthly income. Their additional income is George’s father’s monthly pension.

George requested a loan from Credo to start-up family business. George 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 George will open a butcher shop. He will purchase refrigerators, a packing machine and all the needed products. In his shop George will be selling fresh meat as well as frozen meat products. He has a commercial space in a populous area. It will help his shop to have good numbers of customers. George will work hard and long hours to make his business successful and profitable. Part of the profit will be used for reinvesting in the same business and another part for improving family 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.

About Georgia

  • $4,600
    Average annual income
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD
Expired
A loan of $2,450 helped George to open a butcher shop.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 21, 2013
Listed
May 27, 2013
Currency Exchange Loss:
Possible
Expired:
Jun 26, 2013