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Venera
Venera is a 65-year-old retired woman. She lives alone in Shalauri village in the Telavi district. Venera requested loans from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time because of low income and the family’s poor living conditions. Venera owns a small plot of agricultural land where maize is grown. The harvested product is sold at the local market. Her additional income is a monthly pension.

Venera requested a loan from Credo to start up a family business. She 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, Venera will purchase a small stock of groceries. She has a commercial space in front of her house that will be used for selling the products. She plans in the future to use the profit and add a bakery to her shop. She will bake pastries and sell them to earn more income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve her 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

  • $4,600
    Average annual income
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,148,425
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $100 helped Venera to purchase a small stock of groceries.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 31, 2013
Listed
Jun 5, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 20, 2013