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Edgar is 28 years old. He lives in the Akhalkalaki District with wife and two children (5 and 6 years old). Edgar has requested a loan from a local financial institution several times for a family business start-up, without any success. His loan request was rejected each time, because of his low income and family’s poor living conditions.

Edgar used to have a mini-bus and transported cargo to the capital city. He was also involved in spice and seeds trading at the local open market, but the business was stopped because of financial problems. Edgar went abroad to find a suitable job there but his trip was unsuccessful and he came back to his district and decided to start a new business. Edgar purchased a well equipped store at the local open market and plans to set up a shoe store.

His loan request was approved by a new joint initiative of Kiva and Credo. Start-up loan program envisages 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 loan Edgar will purchase a large variety of shoes as competition is high in the region and business won’t be successful if he doesn't have a wide choice. The new business initiative, financed with the Kiva Start-up loan will significantly increase the family income and Edgar will be able to renovate his house, which is old and damaged.

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
  • 46
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $5,000 helped Edgar to purchase shoes for resale.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 15, 2012
Nov 19, 2012
Currency Exchange Loss:
Dec 17, 2014