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Mikheil is 26 years old. He is single and lives in Tskaltubo district of West Georgia. Mikheil requested a loan from local financial institutions several times for the business start-up, but without any success. His loan request was rejected all the time because of low income and his poor living conditions.

The only source of income for Mikheil is his small monthly income working as a local artisan. In addition, he runs a small-scale agricultural business and has a plot of land and a vineyard. Mikheil grows nuts and picks grapes in the late summer to produce wine. The harvested nuts and wine are sold at the local open market. It makes totally 200 Laris per month, which is hardly enough for food and everyday expenses. According to Credo estimations, Mikheil belongs to the subsistence poor category.

Mikheil requested a loan from Credo to start-up a dairy business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. Start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Mikheil will purchase a milk cow. After the milk cow is purchased, he will be able to receive milk and produce dairy products, which will be sold at the local open market. The new business initiative, financed with the Kiva start-up loan, will significantly increase his monthly income and Mikheil will improve his 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
  • 48
    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 $975 helped Mikheil to purchase a milk cow.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Oct 29, 2012
Nov 5, 2012
Currency Exchange Loss:
Dec 20, 2013