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George
George, 26, lives in Kitsnisi village in the Gori district with his parents, his wife and three children (1, 3 and 5 years old).

George has requested loans from local financial institutions several times for family business start-ups, but without any success. His loan requests were rejected all the time because of his low income and the family’s poor living conditions.

The only source of the income for the family is from agricultural activities. They own a plot of land, where they grow vegetables. Also they have milks cows. The cows are milked every day to produce dairy products. Harvested products with the dairy products are sold at the local markets.

George requested a loan from Credo to start a family business. George 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 his credit George will start trading cheese. He has a car, which will be used for trading. George will purchase cheese at the wholesale price from the market in his village, bring it to the capital city and sell with a price markup at the local market there. 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
  • 91
    View loans »
    Georgia Loans Fundraising
  • $7,202,675
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $925 helped George to start trading cheese.
99% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 24, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 19, 2015