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22-year-old Elvin lives alone in Marneuli district. Several times, Elvin requested a loan from local financial institutions for his business start-up, but without any success. His loan request was rejected each time because of low income and poor living conditions.

Elvin is a car artisan. He has his own workshop where he fixes damaged cars and earns a small monthly income.

Elvin requested loan from Credo to start-up the business. Elvin has now been approved for a loan 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 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, Elvin will purchase a computer diagnostic apparatus for cars. He will be able to diagnose the cars and find the problems to fix them. This will attract more clients and Elvin will have more cars to fix.

The new business initiative, financed with the Kiva start-up loan, will significantly increase Elvin's income and he will be able to expand the business and also improve his 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
  • 48
    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 $1,100 helped Elvin to purchase a computer diagnostic apparatus for cars.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
May 30, 2013
Jun 4, 2013
Currency Exchange Loss:
Jul 17, 2014