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Teona is 27 years old. She lives in Kutaisi district with her husband and mother in-law. Teona requested a loan from local financial institutions several times for family business start-up, but without any success. Her loan request was rejected all the time, because of low income and her family’s poor living conditions.

Teona is trading in clothes and household goods. She purchases at the wholesale price and resells with a price markup among her villagers. Her husband is a seller at the local shop and earns a small monthly income. Khatuna’s mother in-law is a cook at a restaurant. The total family income is rarely enough to cover their monthly expenses.

Teona requested a loan from Credo to start-up family business. Teona 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 her credit Teona will rent a counter at the local market. She will be able to purchase more stock of clothes and household goods and have a better choice to offer her clients. Having a counter at the market will help Khatuna to bring more regular customers and generate better profit. Part of the profit will be used for purchasing more products in order to expand the business; another part will be used for her family's well-being.

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
  • 51
    View loans »
    Georgia Loans Fundraising
  • $8,096,850
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $950 helped Teona to rent a counter at the local market for trading in household goods and clothes.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
May 23, 2013
May 27, 2013
Currency Exchange Loss:
Jul 17, 2014