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Elguja is 59 years old. He lives in the Lentekhi District with his spouse and son. Elguja has requested loans from the local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected every time, because of his low income and family’s poor living conditions.

The only source of income for the family is agricultural activities. In particular, they have two pigs and eight beehives with bee colonies. They sell honey locally at a good price. Besides this, he works as an artisan and gets a small income. It is hardly enough food for the family. According to Credo's estimations, the family belongs to the poor subsistence category.

Elguja requested a loan from Credo to start-up a family business. Elguja 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 the provision of business start-up and restart-up 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, Elguja will renovate a space and purchase a stock of groceries. After the renovation is finished and the groceries are purchased, he will be able to open a shop. This will increase the income of their family. 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
  • 48
    View loans »
    Georgia Loans Fundraising
  • $8,648,750
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $3,000 helped Elguja to renovate a space and purchase a stock of groceries.
Repayment Term
26 months (Additional Information)
Repayment Schedule
May 31, 2013
Jun 3, 2013
Currency Exchange Loss:
Jul 3, 2013