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Naira is 57 years old. She lives in Tbilisi with her 66-year-old husband, son and retired mother in-law. Naira requested a loan from local financial institutions several times for a family business startup, but without any success. Her loan request was rejected because of her low income and the family’s poor living conditions.

Naira works in a restaurant as an assistant to the cook. Her husband is a driver for the local mini-bus and her son bakes bread at the local bakery. They all get very small monthly payments, which is not enough to support themselvs. According to Credo's estimations, the family belongs to the subsistence poor category.

Naira requested a loan from Credo to start a family business, which was stopped recently because of financial problems. Her loan request was approved in the frame of a new joint initiative of Kiva and Credo. This startup loan program provides business startup and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, because they are regarded as “high-risk borrowers” because of their low income. With this loan, Naira will renovate an unused commercial space and make it into a living space. She will rent the room and will get a fixed monthly income. The new business initiative, financed with this Kiva startup 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
  • 40
    View loans »
    Georgia Loans Fundraising
  • $8,314,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,000 helped Naira to renovate an unused commercial space as living space to rent it out.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Feb 26, 2013
Mar 6, 2013
Currency Exchange Loss:
Apr 16, 2014