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Megi
Megi is 29 years old. She is married and lives in the Kobuleti district with her husband and eight-year-old son. The source of income for Megi is her newly started store, selling secondary furniture. It has been a profitable project, but it also needs more support to develop further. Several times, she has asked for loans from local financial institutions to develop her business, but without success. Her loan requests were rejected each time because of low income. Megi’s loan request was approved as part of the new joint initiative of Kiva and Credo. The start-up loan program provides business start-ups and re-startups with credit with soft conditions to the vulnerable poor who do not have access to credit products, since they are regarded as “high-risk borrowers” because of their low income.

With the received credit, Megi will purchase more furniture that customers often request. She plans to increase the turnover in her trade business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. Megi will work hard, and she will be able to improve the living conditions for her family. With this loan, her family will generate enough income to access regular available credit products in the country’s capital market, in the event that they need it.

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

  • $6,100
    Average annual income
  • 84
    View loans »
    Georgia Loans Fundraising
  • $7,692,575
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Megi to purchase more furniture for resale.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 17, 2013
Listed
Sep 18, 2013
Currency Exchange Loss:
N/A
Ended:
Apr 16, 2014