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Naile
Naile is 42 years old. She lives in the Gardabani District with her retired mother, brother, neices, nephew and his wife. Naile requested loans 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.

The only source of the income for the family is from agriculture. They have rented a plot of land where broom trees are grown. With the harvested product the family makes brooms and sells them at local markets. Naile requested loan from Credo to start up a family business. Naile 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 Naile will start trading with brooms. As Gardabani district is well known for broom trees, and the brooms are sold very cheap there, Naile will purchase stocks of brooms and sell them with a price markup in Batumi district. She will earn a good profit and will be able to reinvest part of it in the same field. Another part Naile will use for improving her family's living conditions.

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.

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About Georgia

  • $6,100
    Average annual income
  • 37
    View loans »
    Georgia Loans Fundraising
  • $7,812,050
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Expired
A loan of $2,725 helped Naile to start trading in brooms.
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 26, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
Possible
Expired:
Aug 6, 2013