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Fifty-one-year-old Tsira lives in the Rustavi district with her 56-year-old husband. Tsira has requested loans from local financial institutions several times for her family business start-up, but she hasn't had any success. Her loan request was rejected every time because of her low income and her family’s poor living conditions.
Tsira sells jewelry. She buys the products at the wholesale prices and re-sells them among her neighbors with the price marked up to earn a small monthly income. Her husband works for a small salary at the local factory.
Tsira requested loan from Credo to start her family business. Tsira 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 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 her credit, Tsira will start re-selling perfume. She will buy from the big market at the wholesale price and re-sell it with the jewelry among the neighbors with the price marked up. Tsira is already well known among the locals, and people like her products. She will have good success starting the perfume business too and will earn a good profit. She will re-invest part of the profit in her business to purchase more products and offer better choices to her clients. Tsira will use part of the profit for her family to 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
  • 49
    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 $1,000 helped Tsira to start selling perfume.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
May 31, 2013
Jun 24, 2013
Currency Exchange Loss:
Jul 17, 2014