Update on MaiaMaia is 28 years old. She lives in Terjola district with her 31-year-old husband Nugzar, her retired parents in-law and two children, 2 and 6. Maia requested a loan from local financial institutions several times for a family business start-up, but she never had any success. Her loan request was rejected every time, because of her family's low income and poor living conditions.
Her family owns a vineyard. With the harvested grapes, they make wine and vodka, which are sold at the local markets. Maia’s husband Nugzar is an artisan. He works on house constructions and renovations for private clients to earn a small monthly salary for his family.
Maia requested loan from Credo to start up a family business. Maia 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 providing business start-up and re-startup credits with soft conditions to rural poor people who do not have access to traditional credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With this loan, Maia will purchase milk cows. She will be milking the cows every day to produce dairy products. Maia will sell cheese and yogurt at the local markets and among the villagers to earn an additional income for her family, which will help her to improve their living conditions.
Previous Loan DetailsMaia is from Terjola district of West Georgia. She is 27 years old and lives with her husband, parents-in-law and two children (2 and 6 years old). Maia’s parents-in-law are pensioners and her husband runs a grocery shop. Maia is involved in agricultural business. In particular, she has a milk cow… More from Maia's previous loan »
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 CredoLLC 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.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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