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Iago is a 36-year-old married man with two children living in the town of Rustavi, near the capital city. His wife works as a hair stylist at the beauty salon and Iago is an operator at the petrol station. The couple gets monthly salaries and their income is $270.

As the existing income is not big enough for the four-member family, Iago decided to earn additional income and purchase a second-hand car to use as a taxi. All the financial institutions rejected his loan requests because of his unstable financial conditions and lack of experience. After several unsuccessful attempts, Iago applied for the credit to MFO Credo. His request was approved in the framework of Start Up program, which is a joint initiative with Kiva, permitting the vulnerable poor to start or re-start businesses. A loan of $1300 will help Iago to start a taxi business. He will serve the local people as a taxi driver and transport them inter-city. Iago is a very enthusiastic and hard working person with a great desire to provide his children with a good education for progress in life. This credit will be a great support for the family. Iago is thankful to Kiva Lenders for giving him a chance to generate income.

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
  • 35
    View loans »
    Georgia Loans Fundraising
  • $8,323,825
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,300 helped Iago to purchase a car to use as a taxi.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Sep 17, 2013
Oct 18, 2013
Currency Exchange Loss:
May 24, 2014