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Teimuraz is 60 years old. He lives in Naghobilevi village, Ozurgeti district, with his 56-year-old wife. Teimuraz 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 runs an agricultural business. They own a plot of land where mandarins, nut trees and maize are grown. All the harvested products are sold locally at the markets. The family receives additional income, i.e., a salary earned by Teimuraz’s wife. She is teaching foreign languages (English and German).

Recently, Teimuraz requested a loan from Credo, to start up a family business. Teimuraz 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 restart-up credits with soft conditions, to rural poor people who do not have access to other credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.

With his credit, Teimuraz will open a wine cellar. He will purchase wine at the wholesale price, and resell it with a price markup from the commercial space that he already owns. As Teimuraz will not have to pay rent for the space, and he will be selling wine himself from the shop, the profit will be significant. This will make the business successful, and the family will be able to improve their living conditions.

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
  • $8,323,825
    Funds lent in using Kiva
  • 1.6
    Georgia Lari (GEL) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,325 helped Teimuraz to open a wine cellar.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Apr 24, 2013
May 9, 2013
Currency Exchange Loss:
Jun 17, 2015