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Levan
Levan is 32 years old. He lives in Kutaisi District, West Georgia, with his wife and two sons (5 and 6 years old). Levan applied for loans from local financial institutions several times for a family business start-up, but without any success. His loan applications were always rejected, because of his low income and the family’s poor living conditions. Levan is works as a security provider at the local bank. His wife is a seller in the local shop. They both receive small monthly salaries. Levan applied for 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 provision of business start-up and re-startup credits on 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, Levan will purchase play equipment for children. He will place the equipment in the local park. The park has been newly renovated, and local people are spending a lot of time there, in the fresh air with their families. Levan hopes to earn a good profit from this business in order to provide better living conditions for his family.

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
  • 77
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,100 helped Levan to buy play equipment for children to install in the local park.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2013
Listed
May 27, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2014