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Levan
Levan is 42 years old. He lives in a small village in Vartsikhe, Baghdati district, with his wife and two sons. Levan requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time because of low income and the family’s poor living conditions.

The main source of income for the family is from agricultural activities. In particular, they have two milk cows, which are milked every day to produce dairy products. They also have a vineyard, and with the harvested grapes, they make vodka. All the family members are involved in their agriculture and they work hard to earn a small monthly income. Dairy products and vodka are sold at the local market in Baghdati district. The family's additional income is Levan’s salary. He is an artisan and works on private orders on construction and house renovations.

Levan requested a loan from Credo to start up a family business. Levan 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 his credit, Levan will build a greenhouse. He will plant there greens and cucumber. After harvesting the products, they will be sold together with other products at the local market, and the family income will significantly increase. Levan hopes to reinvest the profit in his agriculture, in order to develop it and have a better profit. With the increased profit, Levan will be able to insure a better life 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.

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About Georgia

  • $4,600
    Average annual income
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,134,975
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $3,400 helped Levan to build a greenhouse.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 31, 2013
Listed
Jun 14, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 14, 2013