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Elene is 26 years old. She lives in a small village in Tskaltubo District with her husband and two-year-old son. Their only source of income is from their farm. They have two milk cows that provide cheese to sell in the local markets. The money they make is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Elene requested loans from local financial institutions several times to build a greenhouse, but without any success. Her loan applications were always rejected because of the family’s low income and poor living conditions, typical reasons for those regarded as high-risk borrowers.

Then Elene applied for a 2600 GEL start-up loan from Credo. It was approved within the framework of Credo and Kiva’s new joint initiative. This program provides both initial and successive business loans at more reasonable terms to country rural poor.

With her loan Elene and her husband will build their greenhouse. They will grow greens, cucumbers and tomatoes to sell and so increase their income. Credo’s new business initiative, financed through the assistance of Kiva lenders, will significantly improve the living conditions of Elene’s 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
  • 45
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • 1.7
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,575 helped Elene to build a greenhouse.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Mar 30, 2013
Apr 3, 2013
Currency Exchange Loss:
Mar 17, 2014