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Oleg
Oleg is 36 years old. He lives in a small village in the Kobuleti District with wife, mother, and two daughters. Oleg requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected each time because of low income and his family’s poor living conditions.

Oleg trades fruits and vegetables; this is the only source of income for his family. It is hardly enough food for the family. According to Credo's estimations, the family is categorized as subsistence poor.

Oleg 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 between Kiva and Credo. The start-up loan program envisages a 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, Oleg will open a bakery. After the bakery is opened, he will bake Georgian bread to sell and will be able to 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
  • 77
    View loans »
    Georgia Loans Fundraising
  • $7,196,525
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $3,500 helped Oleg to open a bakery.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 30, 2013
Listed
Jun 3, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 3, 2013