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Gumbat is a 55-year-old married man. He lives with his wife and son in a small village of the Marneuli district. Gumbat works hard on family-owned agricultural land, growing tomatoes. He always has high quality products, which are sold to local retailers for a good price. As the family has only seasonal income, Gumbat decided to start dairy farming and sought credit among local financial institutions, but his attempts was unsuccessful because of his poor living conditions. The startup program that is a joint initiative between Kiva and Credo, enables 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 to get a loan of 1500 Gel for purchasing calves. After the calves are purchased the family will raise them and will start producing dairy products: cheese and yogurt for selling. They will also use the milk products for feeding the family. The new business initiative will give them a chance to have financial stability and monthly 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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,073,000
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $925 helped Gumbat to purchase calves.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Sep 16, 2013
Oct 15, 2013
Currency Exchange Loss:
Sep 17, 2014