Kiva conducts regular, ongoing monitoring of all Field Partners, but only posts status updates here in response to relevant, major changes at the partner.

Partner Description:

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. These services are offered throughout the country by Credo’s network of 39 branches.

Like many former Soviet Union countries, Georgia went through a civil war that led to a sharp decline in its economy. The war lasted four years and impacted many sectors including business and agriculture. Currently, 17% of the population is unemployed and those living in rural areas face shortages of working capital to start businesses.  

Credo strives to address this and other issues by providing business loans that promote entrepreneurship and create job placements. Today, the organization has helped over 100,000 people to launch new businesses, expand their agricultural plots, insure their crops and more. Based on changes in the Georgian economy, agriculture became the primary sector in the country. Credo, in collaboration with Kiva, provides Start-up Loans to the local rural poor so that they can start or re-start small agricultural businesses. The Start-up Program also offers urban and tourism loans to improve the quality of life in Georgia's poorest communities.

In 2012, Credo created 33,707 new jobs, provided 48,945 loans to women, and impacted 125,156 children.


Credo’s Impact

Credo stands out in the Georgian microfinance sector because of its innovative, high quality products and its unique delivery mechanism focused on clients’ well being. The organization continues geographic expansion with more branches opened in remote areas. Credo's chief objectives are to protect customers, participate in community development and expand environmental protection.

User-added image

Additionally, the organization is focused on achieving strong, measurable social performance goals, and has dedicated significant time and resources to measuring its impact on clients’ livelihoods to continually improve its services. It strives to offer flexible, convenient, transparent products and services to best meet the needs of its clients.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 23, 2011 Oct 12, 2005
Total Loans $5,457,200 $616,373,350
Amount of raised Inactive loans $0 $385,725
Number of raised Inactive loans 0 556
Amount of Paying Back Loans $1,485,025 $121,828,475
Number of Paying Back Loans 850 131,473
Amount of Ended Loans $3,972,175 $494,159,150
Number of Ended Loans 3,177 624,120
Delinquency Rate 0.11% 4.30%
Amount in Arrears $926 $3,383,431
Outstanding Portfolio $816,143 $78,638,819
Number of loanDelinquent 3 15,752
Default Rate 0.02% 1.10%
Amount of Ended Loans Defaulted $739 $5,427,079
Amount of Ended Loans $3,972,175 $494,159,150
Number of Ended Loans Defaulted 1 16,892
Currency Exchange Loss Rate 0.00% 0.10%
Amount of Currency Exchange Loss $0 $614,667
Refund Rate 0.01% 0.74%
Amount of Refunded Loans $600 $4,567,000
Number of Refunded Loans 1 5,104

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 48.52% 74.24%
Average Loan Size $1,355 $419
Average Individual Loan Size $1,355 $655
Average Group Loan Size $0 $1,835
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $4,600 $3,415
Average Loan Size / GDP per capita (PPP) 29.46% 12.26%
Average Time to Fund a Loan 11.12 days 5.75 days
Average Dollars Raised Per Day Per Loan $121.84 $72.82
  Average Loan Term 14.91 months 10.46 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 1,707 307,660
  Journaling Rate 40.93% 42.28%
  Average Number of Comments Per Journal 0.01 0.07
  Average Number of Recommendations Per Journal 0.00 1.80

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 39% PY 37.00% PY 33.15% PY
  Profitability (return on assets) 7.5% 5.1% -1.29%
  Average Loan Size (% of per capita income) 26.70% 64.00% 38.08%

Country Fast Facts

Field Partner Staff

Pikria Goginashvili
Nino Kapanadze
Katerina McNulty
Salome Otiashvili
Zaza Pirtskhelava
Nino Svianadze