A loan of $1,000 helped to purchase some materials for the renovation of a commercial space and open a restaurant.

Paata's story

Paata is 47 years old. He lives in the Marneuli District with his wife, Ina, and two sons: 25-year-old, Guram, and 14-year-old, Otar, and they all go to school. Paata requested a loan from some local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of having a low income and his family’s poor living conditions.

Paata is an artisan. He is working on some private-order renovations. In addition his older son, Guram, is a distributor, and they both get a small monthly income that is not enough to feed the family.

Paata requested a loan from Credo to start up a family business. His loan request was approved in the frames of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, which do not have access to credit products, being regarded as “high-risk borrowers” because of their low income. With the received credit, Paata plans to open a restaurant. As he has a commercial space, Paata will not have to pay the rent. He will only need to purchase some materials for the renovation, which will be done by him. This will reduce the cost, increase his profit, and Paata will have a source of income. This new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his family.

Loan details

Lenders and lending teams

Loan details