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Karen is 26 years old and single. He lives with his mother, two brothers, sister-in-law, and nephew. Karen is of Armenian origin but his family has lived in Georgia for a long time. The family breeds cattle: three dairy cows and four calves. Karen’s mother produces dairy products for selling as well as for family consumption.

The existing funds are not enough for the family of six. In order to generate more income, Karen decided to purchase a second-hand car to use as a taxi. He will transport passengers from his district to the capital city in return for a service fee. The local people mainly use a taxi service to connect with the capital city and Karen’s service will have high demand. A loan of $ 4,000 will help him to start his taxi business. Karen is a very enthusiastic and hard working person with a great desire to ensure his family members with better living conditions. This loan will be a great support for the family. Karen 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
  • 37
    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 $4,000 helped Karen to buy a car and start a taxi business.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Oct 24, 2013
Nov 2, 2013
Currency Exchange Loss:
Apr 16, 2014