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Besik is 52 years old. He lives in Kutaisi, West Georgia with his 48-year-old wife Naira, 28-year-old son and 24-year-old daughter in-law. Besik requested a loan from local financial institutions several times for a family business start-up, without any success. His loan request was rejected because of low income and his family’s poor living conditions.
Besik has rented a commercial space where he has a pub. He has been in this business for one year but the pub needs some renovation to allow for a better income.
Besik requested a loan from Credo to start-up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. The start-up loan program envisages provisions of business start-up and re-startup credits with soft conditions to the country’s rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Besik will purchase more products and expand the building to have more space. With a larger space he will be able to serve more clients and it will increase his income. As summer season is coming, beer will be more in demand among the villagers so Besik envisions his business being profitable. Part of the profit he wants to save so in the future instead of renting the space he can buy it and the other part of the profit will be used for his 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 $900 helped Besik to purchase materials to expand his pub.
100% repaid
Repayment Term
9 months (Additional Information)
Repayment Schedule
Mar 21, 2013
Apr 5, 2013
Currency Exchange Loss:
Nov 18, 2013