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Arsen
Arsen is 28 years old. He lives in Akhalkalaki District with his wife, two sisters, mother and two children (2 years and 3 months old). Arsen 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.

Arsen’s mother is working at the local social department; his sisters are working at the local kindergarten as a teacher and at the beauty salon, respectively. They all earn small monthly salaries, which is rarely enough to cover the monthly expenses and raise two children.

Arsen requested loan from Credo to start up a family business. Arsen 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, Arsen will open a Georgian bread bakery. He will renovate the area that he has, purchase all the needed equipment and raw materials and start baking the bread.

Arsen used to work as a distributor before, and he knows most of the shops around his district. He already has agreed with the owners that he will distribute his bread to them. Arsen will have a good number of clients and earn good profit for his family. With the increased income, Arsen will be able to ensure a better life for his children and improve the 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
  • 95
    View loans »
    Georgia Loans Fundraising
  • $7,375,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $4,000 helped Arsen to open a Georgian bread bakery.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 11, 2013
Listed
Jun 21, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 17, 2015