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Gulsunda, 35 years old, lives in Senaki with her 38-year-old husband Levan, parents, and three children who are going to school. Gulsunda requested loans from local financial institutions several times for a family business start-up, but her requests were consistently rejected due to low income and the family’s poor living conditions.

Gulsunda sells perfume, buying at wholesale prices and selling with price markups to the local citizens. She also has a commercial space at the local market that she is renting out. Additionally, the family is persecuted, so they get a monthly income from the government. According to Credo estimations, the family belongs to the subsistence poor category.

Gulsunda requested a loan from Credo to start up a family business. Her loan request was approved within the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up 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” due to low income. With the received credit Gulsunda wants to rent a small place in the center of the city to open a shop where she will sell souvenirs and other such products. She will buy at wholesale prices and sell with price markups. This will increase her monthly profit. Gulsunda will use part of the profit to develop her business and another part to provide better living conditions for her 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
  • 49
    View loans »
    Georgia Loans Fundraising
  • $8,643,950
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Gulsunda to rent a shop to sell souvenirs and other such products.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Feb 28, 2013
Mar 6, 2013
Currency Exchange Loss:
Oct 17, 2013