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Roman
Roman is 51 years old. He lives in the small village of Adigeni District with his wife, 2 sons and parents. His parents are provided with a retirement pension. Roman requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time because of his low income and his family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have a plot of land, where potatoes are grown and they maintain 17 beehives. They sell the harvested potatoes and honey at a good price, but it is hardly enough for food for the family. According to Credo's estimations, the family belongs to the subsistence poor category.

Roman requested a loan from Credo to start up a family business. Roman has now been approved for a loan within the framework of the new joint initiative between Kiva and Credo. The start-up loan program envisages providing 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, Roman will purchase calves. After the calves are grown, they will be able to produce dairy products to sell, increasing 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

  • $4,600
    Average annual income
  • 75
    View loans »
    Georgia Loans Fundraising
  • $6,886,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $2,500 helped Roman to purchase calves.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 25, 2013
Listed
May 29, 2013
Currency Exchange Loss:
N/A
Expired:
Jun 28, 2013