Total loan: $2,200
Senaki, Samegrelo-Zemo Svaneti, Georgia / Food
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A loan helped to purchase a metal protective grid to smoke fish.
Tengiz is 50 years old. He lives in Senaki, West Georgia with his 42 year old wife, retired mother, retired aunt and three children, all of whom go to school. Tengiz requested a loan for his family business start-up from local financial institutions several times without any success. His loan request was rejected because of low income and his family’s poor living conditions. Tengiz is working in an ice-cream shop and as a mechanic; he gets a small monthly salary. In addition, his family has income from the monthly pensions of his mother and aunt. Tengiz requested a loan from Credo to start a family business. His loan request was approved via the new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions for the country's rural poor, which do not have access to credit products as they are regarded as “high risk borrowers” due to low income. With the received credit, Tengiz will purchase a metal protective grid used for smoking fish. The demand for smoked fish is high in the villages, so Tengiz hopes his business will be profitable. The profit will be used to reinvest in the same business. If successful, Tengiz will have more income and will be able to provide better living conditions for his big family.