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Marina
60-year-old Marina lives in Tskaltubo district with her son Aleksandre. Marina requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan requests were rejected all the time because of low income and the family’s poor living conditions. The only source of the income for the family is from trading. Marina is buying clothes from the big market in the capital city at the wholesale price, brings it to her district and sells with the price markup among the villagers.

Marina requested a loan from Credo to start-up a family business. Marina 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 the 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 her credit Marina will purchase more stock of clothes for trading. She will have better choice to offer to her clients to better satisfy their needs. This will significantly increase the number of clients she has. She will have more clients and have better income. Marina will use part of the profit for reinvesting in the same field in order to expand her business, and another part she will use for her family's well being.

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.

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About Georgia

  • $4,600
    Average annual income
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,025,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $1,200 helped Marina to purchase more stock of clothes for her trading business.
Repayment Term
16 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 17, 2013
Listed
Jun 4, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 4, 2013