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Nodar is 49 years old. He lives in Sachkhere district with his wife, sister, 24 year old son and 22 year old daughter. Nodar requested loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.
The main source of the income for the family is Nodar’s son’s monthly salary. He is an artisan and works on house constructions and renovations. Nodar’s sister is an invalid and she gets monthly pension from the local government institutions. Family monthly income is so small that it’s hardly enough to cover their food expenses.
Nodar requested loan from Credo to start-up family business. Nodar 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 Nodar will start trading with clothes. He will go to Turkey for purchasing clothes at the wholesale price, bring it to his district and resell among the villager with the price markup. Nodar’s daughter will help him in this business and they will work as hard as they can to earn good profit and expand the business. Increased income will significantly 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
  • 38
    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 $2,500 helped Nodar to start trading with clothes from Turkey.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
May 16, 2013
May 23, 2013
Currency Exchange Loss:
Jun 17, 2015