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Gogita is 40 years old and lives in the Ozurgeti District of Georgia with his wife and his retired parents, who receive a pension. Gogita has requested a loan from local financial institutions several times for a family business start-up, but without any success. All of his loan requests were rejected because of his family's low income and poor living conditions.

Nowadays the family does not have a source of income except for the small monthly pension of Gogita’s parents. It is hardly enough to buy food for them and according to Credo estimations, the family belongs to the "subsistence poor" category.

Gogita has requested a loan from Credo to start-up a family business and this has now been approved within the framework of the new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with favorable conditions for 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 Gogita will purchase a car and serve local people as a taxi driver. This will increase the family income substantially. 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
  • 46
    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 $700 helped Gogita to purchase a car and work as a taxi driver.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Apr 30, 2013
May 17, 2013
Currency Exchange Loss:
Oct 17, 2013