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Vardo is 63 years old and retired. She lives in Khashuri District with her son. Vardo requested a loan from local financial institutions several times for 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.

Vardo gets a monthly pension of 125 Gel. The family doesn’t have any other source of the income at the moment.

Vardo requested a loan from Credo to start-up a family business. Vardo 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 her credit Vardo will purchase a milk cow. She will be milking the cow every day. She will produce cheese, yogurt and other dairy products to sell among the villagers and at the local market. This will give Vardo an opportunity to earn some income for the family and provide better living conditions. She plans to reinvest profit in the same field and try to expand her agriculture.

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
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,899,750
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Vardo to buy a milk cow.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
May 31, 2013
Jun 12, 2013
Currency Exchange Loss:
Nov 17, 2014