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Madona is 22 years old. She lives in the Akhaltsikhe District with her husband and an infant son. Madona had requested loans from local financial institutions several times for a family business start-up but without any success. Her loan requests were rejected because of low income and her family’s poor living conditions.

The only source of the income for the family is from her husband’s job as a distributor at a private company. He makes 750 Laris per month, hardly enough to feed a three-member family. According to Credo estimates, the family belongs to the subsistence poor category.

Madona has requested a loan from Credo to start a family business. Her loan request was approved in the framework of new joint initiative by Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit because they are regarded as “high risk borrowers” due to low income. With the received credit, Madona will purchase clothing from wholesalers and will resell at higher prices. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of her family.

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
  • 53
    View loans »
    Georgia Loans Fundraising
  • $8,637,875
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $500 helped Madona to purchase clothing for resale.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Dec 26, 2012
Jan 10, 2013
Currency Exchange Loss:
Feb 17, 2014