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Vakhtang
Vakhtang, age 24, lives in Akhmeta District with his parents and brother. The only source of income for the family is from growing different kinds of fruit on a half hectare of land and selling the harvested products locally. Though they are able to sell their produce at a good price, it is still hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Vakhtang would like to start a taxi business. He has requested loans from local financial institutions several times to obtain 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.

Vakhtang has now requested a loan from Credo to start up his taxi business, and 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 their low income.

With his credit, Vakhtang will purchase a car and serve the local people as a taxi driver. This will increase the income of the 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
  • 74
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $3,700 helped Vakhtang to purchase a car and work as a taxi driver.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 31, 2013
Listed
Jun 3, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 3, 2013