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Tamar
Tamar is 28 years old. She lives in the Kutaisi district, West Georgia, with her husband and retired mother in-law. Tamar requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan requests were rejected every time because of her low income and the family's poor living conditions.

Tamara's brother is working abroad and he is sending transfers to the family. Their additional income is Tamar's mother-in-law's monthly pension.

Tamar requested a loan from Credo to start up a family business. Tamar 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 her credit Tamar will purchase furniture for her newly renovated apartment and rent it out. The apartment that Tamar owns is in Batumi district. As Batumi district is very crowded with tourists Tamar will easily rent out her apartment at a good price. This will give her an opportunity to increase the family's income. 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
  • 44
    View loans »
    Georgia Loans Fundraising
  • $7,799,500
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,500 helped Tamar to purchase furniture for an apartment and rent it out.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 27, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2014