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David
David is a 33-year-old man. He lives with his wife and his father in the capital city of Georgia. His wife works as a salesperson at a local shop. His father is provided with a retirement pension.

David works on the minibus line and gets 525 Gels per month. As this income is not enough for the family, David requested a loan and seeks credit among local financial institutions, but his attempts were unsuccessful because of his poor living conditions.

This startup program, which is a joint initiative between Kiva and Credo, enables rural poor and inexperienced people to get a loan for starting or re-starting businesses. David's application was approved under the framework of this program to get a loan of $2500 to purchase a car to start taxi business. He will serve the local people as a taxi driver and will be able to increase the income for his 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.

Tags

About Georgia

  • $4,600
    Average annual income
  • 54
    View loans »
    Georgia Loans Fundraising
  • $7,169,700
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Expired
A loan of $2,500 helped David to begin taxi business.
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 26, 2013
Listed
Oct 2, 2013
Currency Exchange Loss:
N/A
Expired:
Nov 1, 2013