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Gela is 44 years-old, married and lives with his wife and four minor children. Several times, he has requested loans from local financial institutions for his trading business start-up, but without any success. His loan requests were rejected each time because of low income and the family’s poor living conditions. The only source of income for the family is the small monthly salary earned by Gela working as a miner. As well, Gela’s wife gets a relevant pension from the local government as she is a mother of many children. The income is enough only for food for the six member family.

Therefore, Gela and his wife requested a loan from Credo to start a clothing sales business. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisions the provision of business start-up and re-startup credits with reasonable conditions for the country's rural poor who do not have access to credit products, being regarded as “high-risk borrowers” because of low income. Gela will purchase clothes at wholesale prices and resell them in his district for a profit. It will be hard work for Gela and his wife, but according to estimates, their business will be profitable and will increase the income of the family. The increased profit will be reinvested in the clothing trading business to increase the stock and sales volume. Gela’s family will be able to increase their spending to satisfy their daily needs and 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
  • 28
    View loans »
    Georgia Loans Fundraising
  • $8,567,900
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $600 helped Gela to purchase clothing to resell.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Dec 19, 2012
Dec 21, 2012
Currency Exchange Loss:
Jul 17, 2013