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Nugzar
Nugzar, age 54, lives in Tbilisi, the capital city of Georgia, with his wife, son, and daughter in-law. The family owns a small plot of agricultural land, where they grow greens and a few vegetables for their personal use. Nugzar is currently working for a local aircraft construction company as an artisan and receives a small monthly salary.

Nugzar and his family would like to start a family dairy farm business. He has requested loans from local financial institutions several times for family business start-up capital, but without success. His loan request was rejected each time because of his low income and the family’s poor living conditions.

Nugzar is now requesting a loan from Credo to start up the family business. He has been approved for a loan within the framework of a 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 because they are regarded as “high risk borrowers” due to their low income.

With his loan funds, Nugzar will purchase a milk cow. His wife will milk the cow daily and the family will produce dairy products that will be sold among the local people. In this way, the family will earn an additional income.

This 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
  • 76
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped Nugzar to buy a milk cow.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 28, 2013
Listed
May 31, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014