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Murman
Murman is 53 years old. He lives in the small village of Sachkhere District with his wife and 20-year-old son. Murman has requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time because of his low income and the family’s poor living conditions.

Murman is an artisan and works on private orders to renovate houses. Additionally, he is involved in agricultural activities. In particular, he has two pigs and sells piglets. The income is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Murman has now requested a loan from Credo to start-up a family business. Murman has 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 the received credit, Murman will purchase a stock of groceries and open a grocery shop. As the shop is opened, his wife will work as a saleslady and they both will do their best to increase the income of their family. Part of the income will be reinvested in the 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

  • $4,600
    Average annual income
  • 55
    View loans »
    Georgia Loans Fundraising
  • $7,155,125
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Expired
A loan of $1,900 helped Murman to purchase a stock of groceries and open a grocery shop.
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 1, 2013
Listed
Jul 3, 2013
Currency Exchange Loss:
Possible
Expired:
Aug 2, 2013