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Vasil
Vasil is 53 years old. He lives in Sagarejo, with his retired mother, grown daughter and son. His children are unemployed at the moment and his spouse works abroad to financially help her family.

Vasil is involved in a trading business and sells household items from a stall located at the open market. The income from this activity is hardly enough to cover only food and everyday expenses for four people. Because the income is not enough for the family, Vasil decided to start a new business with the requested loan. His loan request was approved in the frame of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to vulnerable poor people, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Vasil will start a bakery. He will renovate commercial space and purchase all the needed equipment for baking. Vasil will sell bread, pies and various baked dishes and 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
  • 93
    View loans »
    Georgia Loans Fundraising
  • $7,302,200
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,125 helped Vasil to start a bakery.
96% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 11, 2013
Listed
Aug 14, 2013
Currency Exchange Loss:
Possible
Ended:
Apr 17, 2015