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Nugzar is a 40-year-old married man from Gori district. He lives with his wife, his 14-year-old son and parents, who are provided with a retirement pension. Nugzar has previously requested loans several times from local financial institutions in order to start up a family business but without any success. His loan requests have been rejected all the time because of low income and the family’s poor living conditions.

Nugzar’s wife works at a local printing house and gets a small monthly income. Nugzar is involved in salt distribution, But nowadays he has stopped because of a lack of salt to distribute. Nugzar 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 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 the received credit Nugzar will purchase a large stock of salt. After the salt is purchased he will wrap it into small packages to sell. As the stock will be increased, this will increase the realization and sales of salt. The start-up program will significantly improve the living conditions of their family thanks to Kiva lenders.

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
  • 47
    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 $3,000 helped Nugzar to purchase a stock of salt to wrap into small packages to sell.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Jun 29, 2013
Jul 20, 2013
Currency Exchange Loss:
Apr 16, 2014