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Guram
Guram is 60 years old. He lives in Borjomi district with his 31 year old son George and 36 year old daughter Lia. Guram requested loans from local financial institutions several times for family business, but without any success. His loan request was rejected every time, because of low income and family’s poor living conditions.



Guram’s son George works as a border police officer, his daughter Lia is a social worker. They both work on small monthly salaries, which is the only source of income for the family.
Guram requested a loan from Credo to start a family business. He has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program involves providing 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 Guram will renovate the house and fix his damaged car. His house was burned and was destroyed. Now he wants to renovate it to rent it out to tourists. After fixing his car Guram will drive it as a taxi. Borjomi district is developing as a summer tourist area and there are a lot of people visiting during the season. Guram will be able to earn good profit from renting the house and also driving the taxi. With the increased income He will be able to make a better life for 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.

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About Georgia

  • $4,600
    Average annual income
  • 99
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $2,700 helped Guram to renovate his house to rent to tourists and to fix his damaged car to drive as a taxi.
Repayment Term
38 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
May 31, 2013
Listed
Jun 14, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 14, 2013