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Nodar is 47 years old and lives in Batumi district with his wife and two sons, Kakhaber, 25, and Luka, 13. Nodar requested loans from local financial institutions several times for a family business start-up but without any success. His loan request was rejected each time because of low income and his family’s poor living conditions.
The only source of income for the family is from Nodar’s elder son Khakhaber, who is working as a marine.
Nodar requested a loan from Credo to start up a family business. Nodar 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 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, Nodar will open a car washing center. He has a space which needs some minor construction work. After that, Nodar will purchase all the needed equipment and start the new business. He wants to improve his family's living conditions and insure a better life for them. Also, he needs to provide for the education of his young son Luka, so Nodar will work as hard as he can to make his business successful and profitable.

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
  • 39
    View loans »
    Georgia Loans Fundraising
  • $8,572,225
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
A loan of $3,000 helped Nodar to open a car washing center.
Repayment Term
20 months (Additional Information)
Repayment Schedule
Jun 14, 2013
Jun 24, 2013
Currency Exchange Loss:
Jul 24, 2013