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Archil
Archil is 26 years old. He lives in Borjomi district with his wife and 3-year-old daughter. Archil 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 his low income and the family’s poor living conditions.

Archil is an artisan. He is manufacturing and fixing furniture. He works on private orders and gets a small monthly income, which is the only source of living for the family.

Archil requested a loan from Credo to start-up family business. Archil 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, Archil will open a pub. He already has a commercial space, which needs some renovation jobs to be done. After renovation, Archil will purchase all the needed equipment and products and open a pub. Archil is a very hardworking man. He will work as hard as he can to make his business successful and profitable. He wants to expand the business 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.

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About Georgia

  • $6,100
    Average annual income
  • 32
    View loans »
    Georgia Loans Fundraising
  • $7,796,325
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,900 helped Archil to open a pub.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 12, 2013
Listed
Jun 22, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2015