Total loan: $3,000
Batumi, Adjara, Georgia / Food
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A loan helped to purchase seine and fishing tackle for starting up a fishing business.
Mamuka is 32 years old, married, and lives in Batumi with his wife and three children. The source of the family income is the monthly salary earned by Mamuka’s wife working at a non-governmental organization. Mamuka has requested a loan from the local financial institutions for starting up a business but his loan requests have been rejected several times because he lacks experience with new business start-ups and does not qualify for a traditional loan under income requirements. Mamuka is requesting a loan under the framework of a new joint initiative between Kiva and Credo. This loan program provides start-up and restart-up loans with reduced requirements for the rural poor who do not have access to many credit products because they are regarded as “high-risk borrowers." Mamuka will use his loan to purchase seine and fishing tackle for starting up a fishing business. He has recently bought the hooks and plans to fish in the Black Sea. He hopes that his business will be profitable and sell many fish at the local open market. By increasing his monthly income, he hopes that the new business initiative will significantly improve the living conditions of his family.