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Elshan
Elshan is 27 years old. He lives in Marneuli district with his wife, mother, brother and sister in-law. Elshan has requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time, because of low income and the family’s poor living conditions.

Elshan has a café. He sells cold drinks and beer and earns a small monthly income. His brother is an artisan of metal-plastic doors and windows and works on private orders.

Elshan requested a loan from Credo to start-up a family business. Elshan 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 for 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 Elshan will purchase products to be able to serve food in his cafe. As he will have not only drinks but also food to offer to his clients, Elshan will attract more customers and earn a better profit.

He will reinvest part of the profit into the same field to expand the business. Another part will be used 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

  • $6,100
    Average annual income
  • 73
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $300 helped Elshan to purchase products to be able to serve food in his cafe.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 6, 2013
Listed
Jun 13, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2014