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Beka
Beka, age 20, is single and lives in the small village of Gelati with his grandmother. Beka’s mother lives and works in the capital city and visits her family members rarely. Beka and his granny run a small scale agricultural business. In particular, they cultivate land where maize is grown. Beka also produces hay which is used for feeding his livestock: a cow and a pig. Beka works hard all day long and wishes to get ahead.
Several times, he has requested loans from local financial institutions in order to start up trading business, but without any success. His loan requests were rejected because of lack of experience in the business, which is usually demanded by local financial institutions. His loan request has now been approved in the framework of a new joint initiative between Kiva and Credo. This start-up loan program envisages the provision of business start-up and re-start-up credit, with soft conditions to country's vulnerable poor, who do not have access to credit products, being regarded as 'high-risk borrowers' because of low income.
With the received credit, Beka plans to purchase clothing and household items from wholesalers in the capital city open market and then sell these items from his house. After investing the funds in his business, Beka hopes to generate additional revenue and invest the profits to further develop his business. Beka’s grandmother will assist him for running the business. 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
  • 94
    View loans »
    Georgia Loans Fundraising
  • $7,374,600
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $925 helped Beka to start trading in clothing and household items.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 10, 2013
Listed
Aug 15, 2013
Currency Exchange Loss:
Possible
Ended:
Feb 17, 2014