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George is 21 years old, from the small village of Khashuri district. He lives with his 31-year-old brother and mother. Sadly, for a lack of economic resources and because they had to start working at a very young age, George and his brother were unable to study a professional career. They both work at a local petrol station and get a small monthly income.Their mother works as a kitchen maid at a local restaurant. As the family expenses exceed the total income, Tamaz decided to start his own business and seek credit among local financial institutions, but his attempts was unsuccessful because of his poor living conditions. The start-up program, which is a joint initiative between Kiva and Credo, enables rural poors and inexperienced people to get a loan for starting or re-starting businesses. His application was approved under the framework of this program to get a loan of $300 to open a bakery. George thinks that the business will be profitable, as it is in a great location and the only business of this kind in the area.

After the bakery is opened, the family will have a stable income which enables them to cover everyday costs as well as expand the business in future. With support of the start-up program, George will get an opportunity to be involved in his own business and tackle financial difficulties.

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
  • 41
    View loans »
    Georgia Loans Fundraising
  • $7,896,375
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $300 helped George to open a bakery.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Jun 29, 2013
Jul 19, 2013
Currency Exchange Loss:
Aug 17, 2014