Last updated September 20, 2013

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 $5,250,100 $576,013,500
Amount of raised Inactive loans $0 $230,275
Number of raised Inactive loans 0 238
Amount of Paying Back Loans $1,864,050 $119,971,475
Number of Paying Back Loans 1,047 126,339
Amount of Ended Loans $3,386,050 $455,811,750
Number of Ended Loans 2,810 580,740
Delinquency Rate 0.08% 3.32%
Amount in Arrears $861 $2,631,042
Outstanding Portfolio $1,114,577 $79,156,996
Number of loanDelinquent 4 11,192
Default Rate 0.02% 1.09%
Amount of Ended Loans Defaulted $739 $4,983,531
Amount of Ended Loans $3,386,050 $455,811,750
Number of Ended Loans Defaulted 1 15,355
Currency Exchange Loss Rate 0.00% 0.07%
Amount of Currency Exchange Loss $0 $406,266
Refund Rate 0.01% 0.78%
Amount of Refunded Loans $600 $4,479,350
Number of Refunded Loans 1 5,008

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 46.21% 74.23%
Average Loan Size $1,361 $419
Average Individual Loan Size $1,361 $656
Average Group Loan Size $0 $1,825
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $4,600 $3,439
Average Loan Size / GDP per capita (PPP) 29.59% 12.17%
Average Time to Fund a Loan 11.06 days 5.52 days
Average Dollars Raised Per Day Per Loan $123.09 $75.87
  Average Loan Term 14.79 months 10.25 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 1,594 286,751
  Journaling Rate 39.25% 42.42%
  Average Number of Comments Per Journal 0.01 0.08
  Average Number of Recommendations Per Journal 0.00 1.93

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Portfolio Yield 39.00% 37.00% 33.65%
  Profitability (return on assets) 7.5% 5.1% -1.40%
  Average Loan Size (% of per capita income) 26.70% 64.00% 41.35%

Country Fast Facts

Field Partner Staff

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