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Fifty-five-year-old Pridon lives in the Kutaisi district with his 15-year-old daughter. Pridon requested a loan from local financial institutions several times for family business start-up, but without any success. His loan requests were rejected every time because of low income and the family's poor living conditions.

Pridon's wife is working abroad and the only source of income for the family is her monthly transfers.

Pridon requested a loan from Credo to start up a family business. Pridon 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 Pridon will start trading coffee. He will purchase at the wholesale price from the resellers and distribute the coffee to local shops with the mini-bus that he owns. Rather than hire a drive Pridon will drive the bus himself in order to decrease expenses. Pridon will work as hard as he can to make his business successful to expand it in the future. The new business initiative, financed with the Kiva start-up loan, will increase the family income and Pridon will be able 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
  • 45
    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 Pridon to start trading with coffee.
Repayment Term
21 months (Additional Information)
Repayment Schedule
Jun 27, 2013
Jul 7, 2013
Currency Exchange Loss:
Aug 6, 2013