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Ararat
Fifty-two-year old Ararat lives in Akhalkalaki district with his wife and son. Ararat requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

The main source of the income for the family is from trading in vegetables and greens. They have a counter at the local market and sell the products themselves. Their additional income is Ararat’s son’s monthly salary; he is working at the local beer factory.

Ararat requested a loan from Credo to start up a family business. Ararat 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, Ararat will start trading in clothes. He will purchase clothes at wholesale prices and resell them from his counter at the local market. Ararat wants to develop his trading business and purchase good varieties of clothes in order to satisfy clients' needs more. He and his wife will be working as sellers in order to decrease the expenses. The family will have an increased income and will be able to improve their 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

  • $6,100
    Average annual income
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,799,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Ararat to start trading in clothes.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 11, 2013
Listed
Jun 21, 2013
Currency Exchange Loss:
N/A
Ended:
Mar 17, 2014