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Ema, 31 years old, lives in the Mtskheta district with her husband, mother-in-law and two children, who go to the local school. The family earns income from their agricultural business. They have cows and sell the produced dairy products locally. Ema has requested a loan from local financial institutions on several occasions for a family business start-up, but she hasn't had any success. She wants to start her own bakery, but her loan requests have always been rejected because of her lack of experience, which is usually required by local credit providers.

Ema has now been approved for a loan within the framework of a new joint initiative through 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. These rural poor people are regarded as “high risk borrowers” because of their low income. With her credit, Ema will start up her own bakery. She will bake traditional Georgian bread and sell it for a good price. She owns a commercial space in a profitable location and hopes her project will be profitable and will offer quality products to her customers. This will increase her sales volume. The new business initiative, financed with the Kiva start-up loan, will significantly improve Ema's family's 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
  • 40
    View loans »
    Georgia Loans Fundraising
  • $8,314,800
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,525 helped Ema to start up a bakery.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Jan 22, 2013
Jan 24, 2013
Currency Exchange Loss:
Aug 17, 2014