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Jemal is 27 years old. He lives in Khulo District with his wife and mother in-law. Jemal requested a loan from local financial institutions several times for a family business start-up, without any success. His loan request was rejected each time, because of low income and the family’s poor living conditions.
The family does not have a source of income. According to Credo estimations the family belongs to the subsistence poor category.

Jemal requested a loan from Credo to start-up a family business. Jemal 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 a 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 Jemal will purchase grocery inventory to open a grocery shop. He already has a commercial space ready to open a shop. After purchasing the inventory the family will start working in the shop themselves to decrease the expenses of paying salary to somebody else. This will increase the profit. Part of the profit they make will be used for reinvesting in the same business, in order to have a better variety of merchandise to offer to the clients and another part will be used for the family's well being.

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
  • 35
    View loans »
    Georgia Loans Fundraising
  • $8,323,400
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Jemal to purchase inventory to open a grocery store.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
May 2, 2013
May 19, 2013
Currency Exchange Loss:
Jun 17, 2015