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Asip
Asip is 23 years old. He lives in the small village of Marneuli District with his parents and wife. Asip requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time because of low income and the family’s poor living conditions.

Asip serves local people as a taxi driver and gets income. Besides this, he has a plot of land where potatoes are grown. He does all the agricultural work with his parents to ensure a good harvest. They sell the harvested potatoes locally at a good price. It is hardly enough for food for the family. According to Credo estimations the family belongs to the 'subsistence poor' category.

Asip requested a loan from Credo to start-up a family business. Asip 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 the 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 Asip will open a car wash. He will purchase all the needed equipment for washing cars. Asip is not experienced in this business but he will do his best to increase the income of his family. 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
  • 72
    View loans »
    Georgia Loans Fundraising
  • $6,859,275
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Asip to open a car wash.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 11, 2013
Listed
Jun 20, 2013
Currency Exchange Loss:
N/A
Ended:
Jan 18, 2015