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George is 23 years old. He lives in the capital city of Georgia, Tbilisi, with his 22-year-old wife Diana, who is a student. George requested a loan 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.
George is working in a cleaning company on a small monthly salary, which is the only source of the income for the family. It’s rarely enough to cover all the monthly expenses, especially to pay Diana’s studying fees.
George requested a loan from Credo to start up a family business. George 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 George will purchase equipment to open a car washing center. He has already rented a space, which was used as a car washing center before as well. After purchasing all the needed equipment George will wash cars and also carpets. As this place is already known among the locals, and since George will offer them new services, such as washing the carpets, he will have good numbers of clients. George is a very hard working man. He wants to earn more income to provide for his wife's studying and improve the family living conditions.

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
  • 43
    View loans »
    Georgia Loans Fundraising
  • $7,901,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $2,500 helped George to purchase equipment to open a car washing center.
Repayment Term
15 months (Additional Information)
Repayment Schedule
May 29, 2013
Jun 5, 2013
Currency Exchange Loss:
Jul 5, 2013