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Nugzar lives in Kvareli District, East Georgia. He is married and lives with his wife Sophio and 3-year-old daughter. Sophio is a housewife. Nugzar is at the moment unemployed. He works in seasonal agricultural work in the neighboring farms, when he has orders and is paid for his work. The family lives in poverty. According to Credo estimations they belong to the vulnerable poor category. Their average monthly income is 100 Laris.

Nugzar requested credit to restart his business, which was stopped 3 months ago. He used to trade in fruits and vegetables. He was selling green grocery products in nearby towns, but stopped the business, as his old car was out of order. His loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and restartup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Nugzar will purchase a better car and will restart the business. He will purchase fruits and vegetables from farmers at wholesale prices and sell them in nearby towns. The income of the family will increase and they will be able to improve the living conditions of the family. Along with the above mentioned the family will have enough income to access regular credit products available in the country’s capital market, in case of need.

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
  • 50
    View loans »
    Georgia Loans Fundraising
  • $8,643,950
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $2,000 helped Nugzar to purchase a car for trade business (Fruits & Vegetables).
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
May 16, 2012
May 18, 2012
Currency Exchange Loss:
Mar 15, 2013