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Teona is 24 years old. She lives in Kutaisi district with her aunt and uncle. Teona requested loans from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected because of low income and her family’s poor living conditions.

Teona works at the local shop as a salesperson. Her aunt works in the restaurant as a waitress. They both earn small monthly salaries, which is the only source of living for the family.

Teona is requesting a loan from Credo to start a family business. She has been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisions 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 loan,Teona will open an entertaining center. She will rent a room, renovate it as needed, and hire people who will be working as animators on private orders on call. There is not many of this kind of centers in Kutaisi district and Teona hopes this will help her to have a good numbers of clients. She will try to have all kinds of entertainments needed for birthdays or other celebrations to satisfy clients' needs and make her business successful. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family income and Teona will be able to improve their 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
  • 38
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Teona to open an entertaining center.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
May 30, 2013
Jun 12, 2013
Currency Exchange Loss:
Jul 17, 2015