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Ramaz
Ramaz is 42-years-old, married and lives with his wife, two school age sons and his father in the Sagarejo district. Ramaz is jobless at the moment. There is a high unemployment rate in the region especially among people up to 40 and Ramaz is unable to find a suitable and well-paying job. Ramaz’s spouse is the only one who makes money in the household, working as an apothecary at the pharmacy. Her monthly wage is approximately $180 which is hardly enough for food and everyday expenses.

According to the government’s estimate, the family belongs to the "vulnerable poor" category and gets small assistance (45 USD per month). As the living conditions are very poor, Ramaz 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, Ramaz applied for a loan from MFO Credo. His request was approved within the framework of their Start Up program, a joint initiative with Kiva, permitting the vulnerable poor to start or re-start businesses. A loan of $3000 will help Ramaz to purchase a secondhand car. He will serve the local people as a taxi driver and transport them in return for a service fee.

Ramaz is very enthusiastic and is a hard working person with a great desire to get ahead. This credit will be a great support for the family. Ramaz is thankful to Kiva Lenders for giving him a chance to generate income.

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
  • 75
    View loans »
    Georgia Loans Fundraising
  • $7,714,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Paying Back

This loan has been fully funded!

A loan of $3,000 helped Ramaz to purchase a car and start a taxi business.
94% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 16, 2013
Listed
Aug 18, 2013
Currency Exchange Loss:
N/A