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Mirian
Mirian is 28 years old. He lives with his wife and two daughters (5 and 6 years old) in Keda district. Mirian 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.

The family runs an agricultural business. They have one milk cow, a vineyard and a plot of agricultural land. The cow is milked every day to produce cheese. From the harvested grapes, Mirian is making wine, and on the plot of land, vegetables are grown. Mirian is a very hardworking man. He is working very hard to earn a small monthly income by selling all the products at the local markets.

Mirian requested a loan from Credo to start up a family business. Mirian 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 Mirian, will purchase seats for his mini-bus. He wants to start driving it on a bus line from his village to the Batumi direction. Mirian will work as hard as he can to earn a good income and use it for his family to provide all the needed household goods and cover their monthly expenses. 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.

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About Georgia

  • $6,100
    Average annual income
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,225 helped Mirian to purchase seats for his mini-bus.
99% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 18, 2013
Listed
Jun 29, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 19, 2015