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Tamaz
Tamaz, 48 years old, lives in Tianeti district, Sioni village with his 47-year-old wife Tinatin. Tamaz requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and his family’s poor living conditions.

Tinatin is working as a salesman in a second-hand shop on a small monthly salary. The family also has income from agriculture. In particular, they have chickens and sell eggs. Tamaz owns a shop, which is working only seasonally.

Tamaz requested loan from Credo to start-up a family business. Tamaz 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 Tamaz will purchase a stock of groceries to fill up his seasonal shop with products. Sioni village is a summer tourist area and there are a lot of people during the summer. Tamaz wants to use the opportunity and open a grocery shop, which will work successfully during this period. He will work hard to earn a good profit and improve his family's living conditions.

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
  • 104
    View loans »
    Georgia Loans Fundraising
  • $7,324,475
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Tamaz to purchase groceries to fill up his seasonal shop with products.
100% repaid
Repayment Term
7 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 31, 2013
Listed
Jun 15, 2013
Currency Exchange Loss:
N/A
Ended:
Nov 18, 2013