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Gela is 37 years old. He lives in the town of Rustavi near the capital city. He is married with three children. Gela’s mother and brother live with him as well. The only one who makes money in the household is Gela’s wife working as a confectioner in the capital city. Her earnings are modest and are not enough to cover the every day costs of such a large family. Gela is unemployed at the moment.

He has requested a loan from local financial institutions several times for a family business start-up, but he hasn't had any success. He wants to start a bakery and a confectionery, but his loan request has always been rejected in the past because of his lack of experience, which is usually required by local credit providers. Gela 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 vulnerable 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, Gela will start up his own confectionery shop. He has already rented a store with all of the needed equipment, and he needs money to purchase raw materials for baking cookies and cakes. Gela will hire a confectioner, and his wife will help him running the business as well.

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
  • 37
    View loans »
    Georgia Loans Fundraising
  • $8,314,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Gela to start up a confectionery.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Jul 19, 2013
Aug 21, 2013
Currency Exchange Loss:
Jul 17, 2014