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Ramaz
Ramaz is 41 years old. He lives in the small village of Shuakhevi District with his wife and three children. Several times, Ramaz requested a loan from local financial institutions for a family business start-up, but without any success. His loan request was rejected each time because of low income and his family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, the family has a plot of agricultural land where potatoes, haricot, maize, and nut trees are grown. In addition, they have milking cows whose milk is used in cheese products. They sell the harvested products and cheese locally, at a good price. The income is hardly enough money for food for the family. According to Credo estimations, the family belongs to the 'subsistence poor' category.

Ramaz requested a loan from Credo to start-up a family business. Ramaz 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 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, Ramaz will purchase bee-hives with bee-colonies. After purchasing bee-hives with bee-colonies, the family will be able to produce honey for sale. Honey is a highly-demanded product, as well as very profitable, so Ramaz hopes this will increase the income of his 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
  • 39
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,450 helped Ramaz to purchase bee-hives with bee-colonies.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 22, 2013
Listed
Jun 3, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014