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Mzia
Mzia is 31 years old. She is married and lives with her three daughters and father-in-law, who has a retirement pension.

Mzia requested loan from local financial institutions several times for her business start-up, but was unable to get financing due to low income and her family’s poor living conditions.

Mzia works as a teacher at a local school and receives a small monthly salary. One of her daughters works as a saleslady at a local market. It is hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Mzia requested loan from Credo to start-up a family business. Mzia 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-start 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 a loan, Mzia will begin trade in clothing. She plans to go to Turkey and purchase clothing at wholesale prices and then resell among her villagers at higher prices. She will also pay university fees for her daughter.

The new business initiative, financed with the Kiva loan will significantly improve the living conditions of her 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.

Tags

About Georgia

  • $6,100
    Average annual income
  • 73
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $3,000 helped Mzia to buy clothing to resell.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 12, 2013
Listed
Jul 12, 2013
Currency Exchange Loss:
N/A
Expired:
Aug 11, 2013