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Marina
Marina is 57 years old and lives in the small village of Ambrolauri District with her mother, who receives a retirement pension. Marina requested loans from local financial institutions several times for a family business start-up but without any success. Her loan requests were rejected each time because of low income and her family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have two pigs and walnut trees. They sell the harvested walnuts locally at a good price but it is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Marina requested a loan from Credo to start up a family business. Marina 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, Marina will purchase two milking cows. After purchasing milking cows, she will be able to produce dairy products to sell. This will increase the income of their family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the 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

  • $6,100
    Average annual income
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,300 helped Marina to purchase two milking cows.
95% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 24, 2013
Listed
May 28, 2013
Currency Exchange Loss:
Possible
Ended:
May 17, 2015