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Ludmila is 26 years old, married with two school-age daughters and lives in the Kaspi district. Ludmila’s parents-in-law live with them as well. The only one who earns money is Ludmila’s husband who works as the financial department manager at the local pharmacy. He earns a small monthly salary which is not enough to make ends meet for a family of six.

Ludmila is jobless. There is a high unemployment rate in the region, but self-employment helps inhabitants to make a living. Therefore, Ludmila decided to start a clothing trading business with a loan but the local credit providers usually demand experience and some stable income from borrowers. Ludmila’s credit requests were rejected several times as she did not satisfy their requirements.

She then received the loan within the framework of the Startup Program, a joint initiative of Kiva and Credo, that gives rural poor people the chance to start or re-start businesses. With the loan of $600, Ludmila will purchase clothing at wholesale prices in Turkey and sell them in her community door-to-door. She plans to sell a wide assortment of well-priced clothing for men, women and children. It is obvious that this job will be hard for Ludmila, but she is ready to deal with the difficulties and develop her trading business gradually. The Startup loan will be a great support for the family, as their income will be significantly increased 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
  • 28
    View loans »
    Georgia Loans Fundraising
  • $8,567,900
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $600 helped Ludmila to purchase clothing to sell.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Aug 8, 2013
Sep 7, 2013
Currency Exchange Loss:
Jul 1, 2014