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Lela
Lela is 29 years old. She lives in Samtredia District with her husband, retired mother and father. Lela 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 her low income and her family’s poor living conditions.

Her family runs an agricultural business. They have a plot of land, where nut and mandarin trees are grown. The harvested products are sold at the local markets. The family's additional income is Lela’s husband’s salary (from working at the local army base) and her mother’s monthly pension.

Lela requested a loan from Credo to start a family business. Lela 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, Lela will purchase a milk cow. She will milk the cow every day and produce cheese, which will be sold at the local market and Lela will increase the family's income. 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
  • 113
    View loans »
    Georgia Loans Fundraising
  • $7,351,275
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Lela to purchase a milk cow.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 4, 2013
Listed
Jun 15, 2013
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2014