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Spartak is a 28-year-old married man from a small village of Gurjaani district. He lives with his wife, a three-year-old son and mother. His wife stays at home and looks after her son. Spartak works at an auto car wash and gets a small monthly income. His mother works at a bakery.

As the existing income is not enough for a four-member family, he decided to start his own business. All the financial institutions have rejected his loan requests because of his unstable financial conditions and lack of experience. After several unsuccessful attempts, Spartak applied for credit from MFO Credo. His request was approved in the framework of the Start-Up program, which is a joint initiative with Kiva, permitting the rural poor to start or re-start businesses.

With the loan of $1100, Spartak will purchase calves. He will raise them and start a husbandry business. After the calves are raised, the family will start producing dairy products to sell and expand the business in future. With support of the Start-Up program he will get an opportunity to be involved in his own business and tackle the 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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $7,812,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Spartak to purchase calves.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Jul 2, 2013
Jul 23, 2013
Currency Exchange Loss:
Aug 17, 2014