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Emil is a 70-year-old retired man from the Lagodekhi District, East Georgia. He lives with his wife. The only source of income for the couple is their monthly retirement pensions. The family funds hardly cover feeding and daily expenses and that is why Emil decided to start the business. He believes in his enthusiasm and thinks that he is still able to earn a good income. Emil is applying the loan to start up a bakery in his district and bake traditional Georgian bread--shoti. Part of the loan will be used to purchase basic groceries for starting up a small grocery store.

Emil and his wife will work hard and generate income for increasing turnover gradually. Emil is happy for this startup loan that is offered to poor people to improve living conditions in the future.

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
  • 45
    View loans »
    Georgia Loans Fundraising
  • $7,796,600
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,700 helped Emil to start a bakery and a small grocery store.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Sep 13, 2013
Oct 19, 2013
Currency Exchange Loss:
Jan 22, 2015