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Besik is 38 years old. He lives in Chokhatauri district with his 32 year-old wife, his retired parents, and two children who are going to school. Besik requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.
Besik has a mini-bus. He works on the village bus line and transports local people. His monthly income is very small and not enough to feed the family.
Besik requested a loan from Credo to start-up a family business. His loan request was approved in the frame of a new joint initiative of Kiva and Credo. Start-up loan programs envisage the provision of business start-up and re-startup credits with soft conditions to country rural poor. These people do not have access to credit products since they are regarded as “high risk borrowers” because of low income. With the received credit, Besik wants to open a car service center. He will purchase all the needed equipment and will do the work himself, as he is very experienced in this field. He is also well known among his villagers and will have a good number of clients. This will give him a good profit. He will reinvest part of the profit to develop his business, and another part will be used for covering family monthly expenses. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of the 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
  • 35
    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 $2,700 helped Besik to open a car service centre.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Mar 30, 2013
Apr 5, 2013
Currency Exchange Loss:
Nov 17, 2014