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Sofio is 24 years old. She lives in the Kobuleti District with her 35-year-old husband, Mamuka, and her 16-year-old stepdaughter. The family's income comes from trading flowers. Sofio buys wholesale flowers and resells them with a price markup at the local market to earn a small monthly income. She has requested loans from local financial institutions several times for a family business start-up without any success. Sofio's loan request is rejected all the time due to her low income and her family’s poor living conditions.

Sofio is requesting a loan from Credo to build a greenhouse and start a family business. Her loan request was approved within the framework of a new joint initiative of Kiva and Credo that envisions the provision of business start-up and re-startup credits with soft conditions to rural poor who do not have access to credit products as they are regarded as “high risk borrowers” due to low income. Sofio will use her loan to purchase building materials and flower seeds. She will grow her own flowers to sell. As she will not have to buy flowers from wholesalers, her profit will significantly grow. Sofio will use part of her profit to reinvest in her business and will also save for her family's well-being.

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
  • 48
    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 $1,200 helped Sofio to build a greenhouse and purchase flower seeds.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Mar 27, 2013
Mar 31, 2013
Currency Exchange Loss:
Oct 17, 2014