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Gevorg is 23 years old. He lives in the Akhalkalaki District with his mother. He has asked for loans from local financial institutions to start up a new business several times but has not had success. His loan requests were rejected each time because of low income and lack of experience in his job, which is usually demanded by local credit providers.
The only source of income for the family is the small monthly income earned by Gevorg’s mother working as a cleaner locally. Gevorg used to have a business where different kinds of fruits and vegetables were sold, but he stopped this because he joined military service. He has recently returned from service and decided to restart his trading business, but his current savings are not enough to implement his plan.
His loan request was approved as part of the new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-startup credit with soft conditions to the rural poor who do not have access to credit products, being regarded as “high-risk borrowers” because of their low income. With the received credit, Gevorg will purchase fruit and vegetables at wholesale prices and take them to sell at his open market store. Gevorg plans to increase the turnover in his trade business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of his family. Gevorg will work hard and will be able to improve the living conditions for himself and his family. Along with the above mentioned, the family will have enough income to access regular credit products available in the country’s capital market, in case of need.

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
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Gevorg to purchase fruits and vegetables for resale.
100% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Dec 19, 2012
Dec 25, 2012
Currency Exchange Loss:
Jan 18, 2014