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Nikoloz is 45 years old. He lives in Akhaltsikhe district with his 41-year-old wife, 23-year-old son and retired parents. Nikoloz requested loans from local financial institutions several times for his family business start-up, but without success. His loan requests were rejected because of his low income and his family’s poor living conditions.
Nikoloz’s father is working at the local petrol station and earns a small monthly income. Nikoloz’s parents' monthly pension provides additional income.
Nikoloz requested a loan from Credo to start up a family business. Nikoloz has now been approved for a loan within the framework of the new joint initiative between Kiva and Credo. The start-up loan program provides 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 Nikoloz will start trading fruits and vegetables. He used to work in this business before and is very experienced in this field. This will help him to start the new business and make it profitable. Nikoloz will purchase products at the wholesale price and sell them with the price markup from the ground floor in his house. He will invest part of the profit in order to expand the business and have more varieties of products to offer to clients; the other part of the profit he will use for his family. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of his 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
  • 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 $400 helped Nikoloz to start trading with fruits and vegetables.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Jun 6, 2013
Jun 14, 2013
Currency Exchange Loss:
Apr 16, 2014