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 leading microfinance organization in Georgia. Its mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor. Credo serves more than 206,000 active customers, offering a wide range of products including loans for development of agriculture, urban and tourism businesses as well as crop insurance and household loans.

For more than 15 years, Credo has been successfully operating in the microfinance sector to support the poor in an effort to increase household incomes and reduce their vulnerability, enabling them to build a meaningful, sustainable and self-determined livelihood. Credo, through its rural focus and 61 branches all over Georgia, contributes to increasing financial inclusion in Georgia’s agricultural regions, which have traditionally been neglected by the local banking system. Credo’s financing activities foster entrepreneurship and job creation (on average creating more than 13,000 jobs per year), contribute to increased incomes for clients and their families (with 45,760 children impacted) and empower women (46% of Credos clients are women entrepreneurs).

Collaboration with Kiva is an important aspect on the road to fulfilling its mission. A joint project provides start-up loans to rural residents in Georgia to begin or restart small agricultural businesses. The start-up program also offers urban and tourism loans to improve the quality of life in Georgia’s poorest communities.

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. 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 $7,671,050 $874,960,175
Amount of raised Inactive loans $0 $710,400
Number of raised Inactive loans 0 536
Amount of Paying Back Loans $1,245,600 $136,648,425
Number of Paying Back Loans 749 167,060
Amount of Ended Loans $6,425,450 $737,601,350
Number of Ended Loans 4,764 916,439
Delinquency Rate 0.43% 8.46%
Amount in Arrears $3,356 $7,476,165
Outstanding Portfolio $774,240 $88,321,485
Number of Loans Delinquent 19 22,435
Default Rate 0.03% 1.32%
Amount of Ended Loans Defaulted $2,186 $9,707,641
Number of Ended Loans Defaulted 2 27,160
Currency Exchange Loss Rate 0.58% 0.44%
Amount of Currency Exchange Loss $44,466 $3,823,595
Refund Rate 0.02% 0.65%
Amount of Refunded Loans $1,300 $5,700,625
Number of Refunded Loans 2 5,834

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 50.52% 74.90%
Average Loan Size $1,391 $407
Average Individual Loan Size $1,391 $640
Average Group Loan Size $0 $1,805
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $6,100 $5,934
Average Loan Size / GDP per capita (PPP) 22.81% 6.86%
Average Time to Fund a Loan 13.4 days 6.92 days
Average Dollars Raised Per Day Per Loan $103.82 $58.85
  Average Loan Term 16.43 months 11.06 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,130 447,300
  Journaling Rate 41.97% 41.58%
  Average Number of Comments Per Journal 0.01 0.05
  Average Number of Recommendations Per Journal 0.00 1.27

Borrowing Cost Comparison (based on 2014 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 35% PY 37.00% PY 26.87% PY
  Profitability (return on assets) 6.5% 5.1% -0.78%
  Average Loan Size (% of per capita income) 26.70% 64.00% 18.82%

Country Fast Facts

Field Partner Staff

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