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Elguja is 33 years old. He lives in Kobuleti with his wife, parents, and child who attends the local kindergarten. Elguja’s wife is a stylist, his mother works as a cosmetician, and his father is a builder. All of the family members earn monthly income.

Elguja earns income from a newly-started business in their local town. He has a bakery where breads are baked and sold in Kobuleti, but the existing thone (Georgian bakery) is too small and Elguja is not able to bake enough bread. He requested a loan to build a new and larger bakery.

His loan request was approved in the frame of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people who do not have access to credit products and are regarded as “high risk borrowers” because of low income. After the bakery is built, Elguja will be able to bake and sell more bread. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the 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
  • 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 $1,000 helped Elguja to build a large Georgian thone (bakery).
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Jan 23, 2013
Jan 24, 2013
Currency Exchange Loss:
Mar 17, 2014