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Irine
39-year-old Irine lives alone with her 13-year-old son in the Kutaisi district. Irine requested loan from local financial institutions several times for family business start-up, but without any success. Her loan request was rejected all the time because of her low income and her family’s poor living conditions.

The only source of the income for the family is Irine’s monthly salary. She is working as a accountant assistant.
Irine requested loan from Credo to start-up a family business. Irine has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program helps provide business, start-up, and re-startup credits with soft conditions to rural poor people, who do not have access to credit opportunities. These rural poor people are regarded as “high risk borrowers” because of their low income.

With her credit Irine will trade curtains from Turkey. She will go to Turkey to purchase at the wholesale price, bring the curtains back to her district and sell them among the villagers for a profit. This will give Irine an opportunity to increase her monthly income. With this increased income she will be to improve the living conditions for her family and insure a better life for her son.

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
  • 96
    View loans »
    Georgia Loans Fundraising
  • $7,312,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Irine to buy curtains from Turkey for resale.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 14, 2013
Listed
Jun 25, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 16, 2014