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Solomon is 43 years old. He lives in Kvareli District with his wife, Tamar, and mother, who is provided with a retirement pension. Solomon 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 low income and family’s poor living conditions.

Solomon is involved in agricultural activities. In particular, they have two pigs and 0.5 hectare of agricultural land, where maize is grown. He sells the harvested maize at local markets. Tamar works as a nurse at a local kindergarten. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Solomon requested a loan from Credo to start up a family business. Solomon 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, Solomon will purchase a car and serve local people as a taxi driver. After purchasing a car, he will be able to increase the income of his family. Part of the profit will be reinvested in the agricultural business. 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
  • 42
    View loans »
    Georgia Loans Fundraising
  • $7,901,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $2,300 helped Solomon to purchase a car and serve local people as a taxi driver.
Repayment Term
20 months (Additional Information)
Repayment Schedule
Jun 19, 2013
Jun 29, 2013
Currency Exchange Loss:
Jul 29, 2013