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Nugzar is 50 years old. He lives in Khoni District, West Georgia with his wife Gulnara and 22-year-old daughter. Nugzar requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was always rejected, because of his low income and his family’s poor living conditions.

Nugzar’s wife Gulnara lives abroad. She works abroad and sends part of her income to her family. Nugzar is leading his family's small-scale agricultural business. He runs a family-owned dairy farm with two milk cows. Nugzar produces cheese and sells it in the village. The family's average monthly income is 200 GEL. It is not enough to provide Nugzar and his daughter with normal living conditions. According to Credo estimations, the family belongs to the subsistence poor category.

Nugzar requested a loan from Credo to re-start his family business, which was stopped a couple of years ago because of financial problems. His loan request was approved as part of a new joint initiative of Kiva and Credo. The start-up loan program provides credit for business start-up and re-start-up with fewer conditions to the country's rural poor. This population is often considered "high risk borrowers" because of low incomes, and they often do not have access to credit. With the credit, Nugzar will purchase chickens to start a poultry farm. He will place the chickens in a shed located in their yard. He will raise them and sell them for a higher price. The new business initiative, financed with the Kiva loan, will significantly improve the living conditions of the family. Nugzar and his daughter also hope that the income will be enough for the family so that Gulnara will be able to return home and work in the family business.

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
  • 43
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped Nugzar to purchase chickens for poultry farm start-up.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Aug 16, 2012
Sep 4, 2012
Currency Exchange Loss:
Aug 17, 2013