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Vazha
Vazha is 33 years old. He lives in Samtredia District with his wife, an infant son, and pensioner parents. Vazha requested loans from local financial institutions several times for family business start-up, but without any success. His loan requests were rejected all the time, because of low income and his family’s poor living conditions.

The family is actively involved in agricultural activities. In particular, they have two milking cows and a pig. They also have a 0.4 hectare plot of agricultural land, where maize is grown. Vazha’s wife milks the cows and produces cheese. They sell approximately 20 kg. of cheese during a month. They also sell piglets and harvested maize. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Vazha requested loan from Credo to start up a family business. Vazha 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-start-up 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 Vazha will open a grocery shop. He will purchase a stock of groceries and pay the rent. After the shop is opened the family will have an additional source of income. 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

  • $6,100
    Average annual income
  • 32
    View loans »
    Georgia Loans Fundraising
  • $7,796,325
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Expired
A loan of $1,525 helped Vazha to open a grocery shop.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 12, 2013
Listed
Jun 21, 2013
Currency Exchange Loss:
Possible
Expired:
Jul 21, 2013