Check out some available loans that are similar to this one!
Genadi is 53 years old. He lives in the Batumi city with his 46-year-old wife, Rusudan, and two children, who are students. Genadi 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 the family’s poor living conditions.

Genadi has a car-washing service. Along with washing the cars from the outside, they also wash carpets and get a small monthly income. Rusudan is working as a lecturer at the local university and she is also working part-time at the local children's clinic as a nurse. The total family income is rarely enough to cover their expenses.

Genadi requested a loan from Credo to start up a family business. Genadi has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high-risk borrowers” because of their low income.

With his credit, Genadi will purchase a vacuum cleaner and also make an advertising banner for his washing service center. With the vacuum cleaner, Genadi will be able to offer better service to his customers and wash the cars not only from outside, but also clean them from inside. With the poster, he will be able to attract more clients, and this will significantly increase his income. Increased income will help Genadi to cover the family monthly expenses and also provide for his children's studies.

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 $1,300 helped Genadi to purchase a vacuum cleaner and also make an advertising banner for his car-washing service center.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Apr 17, 2013
Apr 24, 2013
Currency Exchange Loss:
May 17, 2014