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Mariam
Mariam is 21 years old. She lives in Kutaisi District with husband and infant daughter. Mariam requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected every time because of low income and the family’s poor living conditions.

Mariam’s husband works at a private company as a distributor and earns a small monthly income. It is hardly enough to provide food for the family. According to Credo's estimations, the family belongs to the subsistence poor category.

Mariam requested a loan from Credo to start up a family business. Mariam 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 this credit, Mariam will purchase a special apparatus for cleaning the face. As she is a cosmetologist, she plans to work at a local beauty salon as she will purchase the needed equipment. She thinks that business will be profitable as the beauty salon is very popular in Kutaisi. The new business initiative, financed with the Kiva Start-up loan will significantly increase the income of their family and they will be able to improve the living conditions of their infant daughter.

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
  • 52
    View loans »
    Georgia Loans Fundraising
  • $6,847,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Mariam to purchase a special apparatus for cleaning the face.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 20, 2013
Listed
May 27, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 16, 2014