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Demur
Demur is 54 years old. He lives in the small village of Martvili District with his wife, son, daughter-in-law and three grandchildren. Demur has requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected each time, because of his low income and the family’s poor living conditions.

The only source of income for the family is from their agricultural activities. In particular, they have three pigs, six milking cows and seven calves. They produce dairy products to sell. In addition, they have bee-hives with bee-colonies and a plot of land, where nut trees are grown. They sell the harvested nuts and honey at local markets for a good price. It is hardly enough to provide food for the family. According to Credo estimations, the family belongs in the subsistence poor category.

Demur has requested a loan from Credo to start-up a family business. Demur 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 the 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 loan, Demur will open a grocery shop. He will purchase grocery stock and after opening a shop he will work hard to increase the income of his family. 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
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,700 helped Demur to open a grocery shop.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 13, 2013
Listed
Jun 26, 2013
Currency Exchange Loss:
N/A
Ended:
Jul 17, 2014