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Elza
Elza is 29 years old. She lives in the Gori District with her 31-year-old husband, Vasil, and two children (8 and 7 years old). Elza requested a loan 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.

The only source of income for the family is from agricultural activities. They own a small plot of land, where different types of fruits and vegetables are grown. They also have a milk cow. The cow is milked every day to produce dairy products. Elza and her husband are working very hard to earn a small monthly income. They sell dairy products and harvested products at the local markets and among the villagers.

Elza 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 provision of business start-up and re-start-up 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, Elza will purchase a mini-tractor. Her husband will work on private orders. He will cultivate the neighbors’ land and earn an additional income for the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the 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

  • $4,600
    Average annual income
  • 58
    View loans »
    Georgia Loans Fundraising
  • $6,854,250
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $600 helped Elza to purchase a mini-tractor.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 31, 2013
Listed
Jun 12, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2014