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Elza is a 45-year-old woman who lives in the Akhaltsikhe District with her son. Elza requested a loan from the local financial institutions several times for her family business start-up without any success. Her loan request was always rejected because of low income and the family’s poor living conditions. Elza’s only source of income is her small monthly salary, 250 Laris/month, as a waitress at a local cafe. This is hardly enough to buy food for the family. According to Credo estimates, the family belongs to the subsistence poor category.

Elza requested a loan from Credo to start-up a family business. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provision of credits with soft conditions to the country rural poor who do not have access to credit products. This group is regarded as “high-risk borrowers” because of low income. With the received credit, Elza will begin selling clothing and household goods. She plans to go to Turkey to purchase the clothing and household goods at wholesale prices and then resell them among her villagers. Elza will do her best to increase the family income and improve the living conditions for her son. This new business initiative, financed with the Kiva start-up loan, will significantly improve the life 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
  • 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 $1,500 helped Elza to buy clothing and household goods for resale.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Apr 12, 2013
Apr 19, 2013
Currency Exchange Loss:
May 17, 2015