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Nugzar is 25 years old. He lives in Kutaisi district with his father, his two children (4 and 6 years old), his 22-year-old brother and their retired grandmother. Nugzar 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.

The family has a shoe business with a workshop in their house. Nugzar and his brother make shoes and sell them to the villagers and at the local markets. His father is a truck driver and earns a small monthly salary. Additional family income is from his grandmother’s monthly pension.

Nugzar 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 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 Nugzar will install gas equipment in his car. He wants to trade with bread. He will buy bread at the wholesale price from bakeries and distribute it to local shops with a price markup. As gas is a much cheaper fuel, Nugzar will have less expense, which will increase his profit. This will give him an opportunity to earn additional income for the family and provide better living conditions for them.

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
  • 45
    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 $550 helped Nugzar to install gas equipment in his own car.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Apr 20, 2013
May 5, 2013
Currency Exchange Loss:
Jun 17, 2014