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David is 58 years old and lives in the Ozurgeti district with his wife. The family runs an agricultural business and cultivates family-owned land, growing nuts and maize. The harvested products are sold at the local open market.

David requested a loan for starting up a trading business. His loan requests were rejected each time because he did not meet income requirements and he lacks experience in new business, which is usually demanded by local credit providers.

But David’s loan request was approved by Credo, as part of the new joint initiative of Kiva and Credo. The start-up loan program provides credit for business start-ups and re-startups. The program extends soft conditions to the rural poor who do not have access to credit products. They are regarded as “high-risk borrowers” because of their low income.

With the received credit, David will cover the costs of purchasing his initial inventory of basic groceries for starting a grocery store. He plans to increase the turnover in his trade business gradually. Another part of the credit will be used for purchasing a milk cow. After the cow is bought, the family will produce cheese with the milk and sell it from their grocery store.

The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of the family. David will work hard, and he will be able to improve the living conditions of his family. With this loan, his family will generate enough income to access regular, available credit products in the country’s capital market in the event they need it in the future.

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
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,225 helped David to start up a grocery store and buy a milk cow.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Feb 14, 2013
Feb 18, 2013
Currency Exchange Loss:
Aug 17, 2014