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Marine
Forty-seven-year-old Marine lives in Rustavi district with her husband, George, and two daughters (18 and 21 years old). Marine 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.

Marine is a seller at the local shop and earns a small monthly income. Her husband, George, is diabetic and gets a monthly pension of 70 Lari from the local government institution. The family's total income is so small that it’s rarely enough for food for them.

Marine requested a loan from Credo to start up a family business. Marine 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, Marine will purchase grocery stock to open a grocery shop. She has already rented a small shop at the local market. Marine is very experienced in this field as she has been a seller for many years, and her experience will help the business to be successful. Part of the profit she will be reinvesting in the same field and purchasing more varieties of groceries in order to provide better service for the customers. Another part will be used to cover the family's monthly expenses. 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
  • 77
    View loans »
    Georgia Loans Fundraising
  • $7,196,525
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Marine to purchase grocery stock to open a grocery shop.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 6, 2013
Listed
Jun 14, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2014