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Marina
Marina is 43 years old. She lives in Tbilisi with her husband Akaki and her 20 years-old student son. Marina requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan requests were denied because of low family income and the family’s poor living conditions.

Akaki works as an artisan for a private building company and gets small monthly income, which is the only source of income for the family. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Marina requested loan a from Credo for a start-up family business. Marina has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program provides fund for business start-ups 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 the received credit, Marina will open a bakery. She needs to buy the raw materials for baking Georgian bread. She has no experience in this field yet, but she will do her best to make her business profitable. Part of the income will be reinvested in the business. With another part she will pay her son’s educational expenses. 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
  • 77
    View loans »
    Georgia Loans Fundraising
  • $7,196,525
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $650 helped Marina to open a bakery.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 19, 2013
Listed
Jul 7, 2013
Currency Exchange Loss:
N/A
Ended:
May 21, 2014