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Paata
Paata is 43 years old. He lives in the small village of Kareli District with his wife and three children. Paata 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 family’s poor living conditions.

The family is actively involved in agricultural activities. In particular, they have a plot of agricultural land, where maize, haricot and tomatoes are grown. They sell the harvested products at local markets 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.

Paata requested a loan from Credo to start up a family business. Paata 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 Paata will purchase a milking cow. After purchasing a milking cow, they will be able to produce cheese products for selling. This will increase the income of their 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
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,148,425
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped Paata to purchase a milking cow.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 14, 2013
Listed
Jun 21, 2013
Currency Exchange Loss:
Possible
Ended:
May 19, 2014