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Teimuraz, age 27, lives in the district of Sagarejo. He intends to open a family grocery store business. He has requested loans from local financial institutions several times for family business start-up capital, but without any success. His loan request was rejected each time because of his low income and the family’s poor living conditions. Currently, Teimuraz lives with his parents. His mother is a teacher in the local kindergarten, earning a small monthly salary, and his father is a retired policeman who is able to provide the family with additional income from his pension.

Teimuraz has requested a loan from Credo to start up his grocery business. He has been approved for a loan within the framework of a 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 because they are regarded as “high risk borrowers” due to their low income.

With his credit, Teimuraz will purchase grocery stocks and open his store. He is a very hard-working man and intends to fulfill all the business needs for the shop himself. This will decrease his expenses and increase his profit.

Part of the profit from Teimuraz's new venture will be reinvested back into the business, in order to expand the variety of the shop's product inventory. The rest will be used for improving the family's 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
  • 46
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $3,500 helped Teimuraz to purchase grocery stocks and open a grocery shop.
Repayment Term
21 months (Additional Information)
Repayment Schedule
May 22, 2013
May 31, 2013
Currency Exchange Loss:
Jun 30, 2013