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Tengiz is 50 years old. He lives in Senaki, West Georgia with his 42 year old wife, retired mother, retired aunt and three children, all of whom go to school. Tengiz requested a loan for his family business start-up from local financial institutions several times without any success. His loan request was rejected because of low income and his family’s poor living conditions. Tengiz is working in an ice-cream shop and as a mechanic; he gets a small monthly salary. In addition, his family has income from the monthly pensions of his mother and aunt.

Tengiz requested a loan from Credo to start a family business. His loan request was approved via the 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 for the country's rural poor, which do not have access to credit products as they are regarded as “high risk borrowers” due to low income. With the received credit, Tengiz will purchase a metal protective grid used for smoking fish. The demand for smoked fish is high in the villages, so Tengiz hopes his business will be profitable. The profit will be used to reinvest in the same business. If successful, Tengiz will have more income and will be able to provide better living conditions for his big 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
  • 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 $2,200 helped Tengiz to purchase a metal protective grid to smoke fish.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Mar 12, 2013
Mar 17, 2013
Currency Exchange Loss:
Nov 18, 2013