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George is applying for a loan to start up a bakery in his village and bake traditional Georgian bread: shoti. He is a 27-year-old, married and lives with his underage brother, mother and wife. The only one who earns money in the household is George’s mother, who works as a nurse and takes care of old people. Her monthly salary is nearly $120. The family gets small-sized social assistance, as they live below the poverty line.

In order to generate income, George decided to start this business. He estimates his business will be lucrative, as there is high demand for bread in his village, and he has the proper experience in baking.

With the received credit, George will renovate the old bakery located in his yard and purchase firewood and flour. George is happy for this startup loan that is offered to poor people for improving their living conditions in the future.

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
  • 48
    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 $1,000 helped George to renovate the old bakery in his yard and buy firewood and flour.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Oct 23, 2013
Nov 1, 2013
Currency Exchange Loss:
Mar 17, 2014