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39-year-old Zaur lives in the Batumi district with his wife, two children (7 and 12 years old) and his retired mother. Zaur requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

Zaur is working at the local wood workshop as a wood artisan. His wife is working at a restaurant as a cook helper. They both earn small monthly salaries. Additional family income is Zaur’s mother’s monthly pension.

Zaur requested a 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 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 Zaur will purchase equipment for wood processing and open his own wood workshop. As he is already experienced in this field and is well known among the villagers, Zaur will have a good number of clients. As Zaur will not be dependent on a small salary anymore, and will have private orders, his income will significantly increase. He will work hard and log many hours to try and expand his business. 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
  • 46
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $3,000 helped Zaur to purchase equipment for wood processing and open his own wood workshop.
Repayment Term
19 months (Additional Information)
Repayment Schedule
May 29, 2013
May 31, 2013
Currency Exchange Loss:
Jun 30, 2013