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Beglar
Beglar, 32, is married and lives in the Batumi district with his wife, his mother and his two daughters (2 and 7 years old).

Beglar 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 living for the family is Beglar’s monthly salary. He is working at the electric company.

Beglar requested a loan from Credo to start a family business. Beglar 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, Beglar will open a bakery. He will rent a commercial space and purchase all the needed materials. His wife and his mother will be working as bakers in order to decrease the expenses and increase the profit. The bakery that Beglar is going to rent is in a very populous area and he hopes it will help the business to be successful. The new business initiative, financed with the Kiva start-up loan, will give Beglar an opportunity to earn additional income for the family and significantly improve their 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.

About Georgia

  • $6,100
    Average annual income
  • 40
    View loans »
    Georgia Loans Fundraising
  • $7,802,825
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Beglar to open a bakery.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 24, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
N/A
Ended:
Aug 17, 2014