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Shorena
Shorena is 23 years old, married and lives with her husband, mother and grandfather in the town of Kutaisi. Shorena works at a beauty salon as a hair stylist and gets a monthly salary. Her husband is a loader, her mother is a teacher, and her grandfather is provided with a retirement pension. All the family members have their income, but the amount of the monthly sources is not enough to cover everyday expenses.

So, Shorena decided to start a clothing sales business with the loan but the local credit providers usually demand experience and some stable income from the borrowers. Shorena’s credit requests were rejected several times, as she didn’t satisfy their requirements. She received this credit in the framework of a joint initiative of Kiva and Credo. Startup Program gives rural poor people the chance to start or re-start businesses.

With the loan of 1300 USD, Shorena will purchase clothing at wholesale prices and sell it in her community door-to-door. Her regular customers will be her co-workers and neighbors. She plans to sell a wide assortment of well-priced clothing for men, women and children. It is obvious that the job is hard for Shorena, but she is ready to deal with the difficulties and develop her trading business gradually. The Start Up credit will be a great support for the family, as their income will be significantly increased thanks to Kiva Lenders.

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
  • 48
    View loans »
    Georgia Loans Fundraising
  • $7,020,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,300 helped Shorena to purchase clothing for resale.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 11, 2013
Listed
Jul 23, 2013
Currency Exchange Loss:
N/A
Ended:
May 23, 2014