Total loan: $1,300


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Kutaisi, Imereti, Georgia / Retail

Bakar's loan finished fundraising,
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A loan helped To purchase a car at a low cost, to resell it later with the price mark-up.

Bakar's story

Bakar is 24 years old. He lives in Kutaisi District, West Georgia, with his 24-year-old wife, 53-year-old father, and an infant, Barbare. Bakar requested a loan from 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 low income and the family’s poor living conditions. Bakar’s father is a car artisan. He works on private orders, fixes the cars and gets a small salary, which is the only source of the income for the family. Recently, Bakar requested a loan from Credo to start up a family business. His loan request was approved, in the frame of a new joint initiative of Kiva and Credo. The Start-up loan program envisages provision of business start-up and restart-up credits, with soft conditions, to rural poor people, who do not have access to other credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Bakar will purchase a car at a low cost, to resell it with the price mark-up. He will reinvest the income to buy another car and develop this business. This will significantly increase the income for the family, and Bakar will be able to provide better living conditions for his young child.