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George is 32 years old. He lives in Gori district with his 29-year-old brother and parents. George 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 his family’s poor living conditions. George trades headstones. He purchases from re-sellers in Tbilisi, the capital city of Georgia, at wholesale prices and brings it to the Gori district. Headstones are sold from his house to the villagers, and George gets a small monthly salary, which is the only source of the income of the family.

George requested a loan from Credo to start-up a family business. He 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 the 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 are regarded as “high-risk borrowers” because of their low income. With his credit, George will open a shop that specializes in headstones.

As George already has a commercial space, he will economize on renting expenses. With the shop George will be able to keep more stock of headstones and serve more clients. This will significantly increase his income. Part of the profit will be used for reinvesting in order to expand his business, and another part will be used for covering the family's 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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,314,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,800 helped George to open a shop that specializes in headstones.
100% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Apr 18, 2013
Apr 26, 2013
Currency Exchange Loss:
Sep 17, 2014