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Eldar is 55 years old. He lives in the capital city of Georgia, Tbilisi, with his wife, Lali, his 20-year-old son, and his retired mother.

Several times, Eldar requested a loan from local financial institutions for a family business start-up, but without any success. His loan request was rejected each time because of low income and his family’s poor living conditions.

Eldar is trading with fruits and vegetables. He has a counter at the local market, where the products are sold. His wife is working at the local food factory, as a cook. The family's additional income comes from Eldar’s mother’s monthly pension.

Eldar requested a loan from Credo to start-up a family business. Eldar 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 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, Eldar will rent another counter at the local market and purchase stocks of fruits and vegetables. He will expand his business and significantly increase the family income.

Eldar is a very hard-working man. He will work hard and long hours to make his business more successful. Eldar will be reinvesting part of the profit in the same field in order to purchase more varieties of products and to better satisfy his clients' needs. Another part of the profit will be used to ensure a better future for his 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

  • $6,100
    Average annual income
  • 36
    View loans »
    Georgia Loans Fundraising
  • $7,908,800
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $600 helped Eldar to rent another counter at the local market and purchase stocks of fruits and vegetables.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
May 31, 2013
Jun 12, 2013
Currency Exchange Loss:
Jul 17, 2014