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Norair
Norair is 41 years old, married, and has one child. He lives in Akhalkalaki district. His wife works as an operator at local communication company and earns a small monthly income. Norair works as a driver at private company. He decided to start his own business and seek credit among local financial institutions, but his attempts was unsuccessful because of his poor living conditions. The start-up program, which is a joint initiative between Kiva and Credo, enables the rural poor and inexperienced people to get a loan for starting or re-starting businesses. His application was approved under the framework of this program and Norair requested a loan for $5,000, which he will use to purchase a car and serve local people as a taxi driver. Norair is very experienced in this field, as he had been working as a driver many years and hopes that the business will be successful.

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.

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About Georgia

  • $4,600
    Average annual income
  • 52
    View loans »
    Georgia Loans Fundraising
  • $6,847,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $5,000 helped Norair to purchase a car and serve local people as a taxi driver.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 10, 2013
Listed
Sep 13, 2013
Currency Exchange Loss:
N/A
Expired:
Oct 13, 2013