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Elguja is 32 years old. He lives in Chkhorotsku District with his 28-year-old wife Mariam and his retired mother. Elguja requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and his family’s poor living conditions.

The family owns a vineyard and an agricultural plot of land where nut trees are grown. Also Elguja plows land himself and then sows different kinds of vegetables. He uses the grapes to make wine and it’s sold with the harvested produce locally at the markets. According to Credo estimations the family belongs to the subsistence poor category.

Elguja requested a loan from Credo to start-up a family business. His loan request was approved in the framework of new joint initiative of Kiva and Credo. This start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Elguja will rent a workshop and purchase a joiner’s bench for processing laminate flooring and wood. Elguja used to work as an artisan and he has a good experience in this sphere. As laminate flooring has grown significantly in popularity, perhaps because it may be easier to install and maintain than more traditional surfaces such as hardwood flooring, Elguja will have a lot of private orders among his villagers. He will use the profit to develop his business and in future open his own workshop. The new business initiative, financed with the Kiva Start-up loan will give Elguja chance to be successful and provide his family with 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
  • 43
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,200 helped Elguja to purchase a joiner’s bench for processing laminate flooring and wood.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Feb 28, 2013
Mar 7, 2013
Currency Exchange Loss:
Dec 20, 2013