Total loan: $5,000


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Akhalkalaki, Samtskhe-Javakheti, Georgia / Services

Egor's loan finished fundraising,
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A loan helped to renovate the store for renting out.

Egor's story

Egor is from the Akhalkalaki district. He is 24 years old, married and lives with his parents, grandparents, wife and infant child. Egor’s income source is the small amount he earns from his grocery store. Besides, his grandparents are provided with a retirement pension. As the existing income is not enough for the family, Egor decided to start a new business. In particular, he plans to finish the renovation of a store and rent it out for a good price. Egor has requested a loan from local financial institutions several times for a business start-up, but without any success. His loan request was rejected each time because of his lack of experience in the new business, which is usually demanded by local credit providers. However, his loan request was approved under the framework of a new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-startup credits with soft conditions to the country's rural poor who do not have access to credit products, for they are regarded as “high risk borrowers” because of their low income. With this loan, Egor will install doors and windows in his newly built store and renovate it properly so that it satisfies the personal needs of his clients. A private company has already expressed an interest in renting it. Egor hopes his business will be profitable and this will increase his income, providing his family with enough money to satisfy their daily needs and improve their living conditions.