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Irma is 28 years old. She lives in Akhmeta District with her husband Soso and her 72-year-old father-in-law. Irma requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of low income and the family’s poor living conditions.

The only source of income for the family is the monthly pension of Irma’s father-in-law and the small income earned by Soso, working as an agricultural worker in the village. It totals 250 Laris per month. It is hardly enough for food for a three-member family. According to Credo estimations the family belongs in the subsistence poor category.

Irma requested a loan from Credo to restart the family business, which was stopped recently because of financial problems. Her loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisages the 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 Irma will purchase a horse. Soso and Irma will go to the local forest and bring wood from the forest on the horse. They will sell the wood in the village and earn an income. The wood is mainly used by the village population in ovens to heat the houses and cook. The new business initiative will increase the monthly income of the family by 150 laris, which will mean a 60% increase. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.

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
  • 53
    View loans »
    Georgia Loans Fundraising
  • $8,637,875
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $625 helped Irma to purchase a horse for the transportation of wood.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Aug 9, 2012
Aug 29, 2012
Currency Exchange Loss:
Jun 17, 2013