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Irakli is thirty years old. He is married and lives with his wife Irma, their two-year-old son and his mother. Irakli’s wife is a housewife. His mother is busy with the family pig-farm, which is the only source of the income for the family. There is one pig on the farm and Irakli’s mother sells on average 10 piglets per year. The total average monthly income of the family is 350 Laris. According to Credo estimations the family belongs to the vulnerable poor category.

Irakli is a joiner. He has a workshop, where he used to produce various items of furniture, mainly chairs. Irakli stopped working 6 months ago, as he didn’t have money to purchase the wooden materials for production. He couldn’t get credit from local finance institutions, because of the family’s low income. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Irakli will purchase materials for the workshop. He will re-start production of chairs and sell them through networks that he already knows; mainly in furniture stores in nearby towns. The income of the family will increase by approximately 110% and they will be able to improve their living conditions. Irakli also plans to reinvest part of the profit in the workshop, so he can diversify the products he makes. In addition to the above-mentioned, in the future Irakli will have enough income to access regular credit products available on 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
  • 51
    View loans »
    Georgia Loans Fundraising
  • $8,643,950
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,850 helped Irakli to purchase materials for furniture production.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
May 21, 2012
May 31, 2012
Currency Exchange Loss:
Oct 17, 2013