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Manuchar is 35 years old. He lives in Kobuleti District, with his wife, mother, brother, and sister-in-law. Manuchar requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time, because of his low income and the family’s poor living conditions.

The only source of income for the family is their agricultural activities. In particular, they have a milk cow, whose milk is used in cheese production. In addition, they have a plot of agricultural land where they grow citrus and nut trees. Harvested products are sold locally, at the market, and the family gets a small monthly income that is not enough to feed a five-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Recently, Manuchar requested a loan from Credo to start up a family business. Credo approved his loan request, in the framework of a new joint initiative of Kiva and Credo. The Start-up Loan program envisages provision of business start-up and restart-up credit, with soft conditions, to Georgia's rural poor people, who do not have access to other credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Manuchar will purchase a minibus and work on the line. He will transport people between his village and Batumi, and will earn a monthly income. The new business initiative, financed with the Kiva Start-up Loan, will increase the family's income and enable them to have better 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
  • 29
    View loans »
    Georgia Loans Fundraising
  • $8,567,900
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Manuchar to buy a minibus so he can begin a business, transporting people between his village and Batumi.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Feb 26, 2013
Mar 4, 2013
Currency Exchange Loss:
Mar 17, 2014