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Tengiz is 41 years old. He lives in Tkibuli District with wife, Ksenia, and their three children (6, 6 and 15 years old). All three go to the local school. Tengiz is busy with a small scale agricultural business. He has requested loans from local financial institutions several times for agricultural business start-up, but without any success. His loan requests were rejected all the time because of his low income and his family’s poor living conditions.

The only source of the income for the family is monthly income from their agricultural business. They have a vineyard and a plot of land where nut trees are grown. They sell nuts and wine at the local open market. The average monthly income of the family is 350 laris. It is hardly enough for food for a five member family. According to Credo estimations, the family belongs to the vulnerable poor category.

Tengiz requested a loan from Credo to start up a new type of business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor, who do not have access to credit products being regarded as “high risk borrowers” because of low income.

With the received credit, Tengiz plans to open a bakery in his house. He will purchase necessary equipment (stove and dishes) and will start baking bread and candy products which will be sold in the village. This new business initiative, financed with a Kiva start-up loan, will significantly increase the income of the family. Their income will double and the family members will be able to improve their living conditions.

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
  • 41
    View loans »
    Georgia Loans Fundraising
  • $8,572,225
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Tengiz to purchase equipment for his bakery.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Jul 12, 2012
Aug 12, 2012
Currency Exchange Loss:
Jun 17, 2013