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Levan
Levan is 41 years old. He lives in the Zestaponi District with his wife, three children and parents, who receive a retirement pension. Levan has requested a loan from local financial institutions several times for his family business start-up, but without any success. His loan request was rejected each time, because of his low income and family’s poor living conditions.

Levan works as a distributor at a local company and earns a monthly salary. This is the only source of income for their family. It is hardly enough for cover food for the family. According to Credo's estimate the family belongs in the "subsistence poor" category.

Levan has requested a loan from Credo to start up a family business. He has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program provides business start-ups and re-startups 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 the credit Levan will purchase a stock of groceries. As the groceries are purchased, he will renovate a space near his house and open a grocery store. This will increase the income of his family. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of his 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
  • 40
    View loans »
    Georgia Loans Fundraising
  • $7,796,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $1,600 helped Levan to purchase a stock of groceries and open a grocery store.
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 17, 2013
Listed
Jun 29, 2013
Currency Exchange Loss:
N/A
Expired:
Jul 29, 2013