Total loan: $3,000
Gelati, Imereti, Georgia / Agriculture
Iuri's loan finished fundraising,
but these similar borrowers just need a little more help to reach their goals!
A loan helped To purchase chicks.
Iuri is 36 years old. He lives in Gelati village, Tkibuli district, with his 33-year-old wife, his retired mother and his two-year-old son. Iuri requested loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions. The main source of the income for the family is from agricultural activities. In particular, they have 4 milk cows, 2 calves, a vineyard and plot of agricultural land. The cows are milked every day to make dairy products. From the harvested grapes family makes wine and vodka. All the products are sold locally at the markets so the family gets a small monthly income. Iuri requested loan from Credo to start up a family business. Iuri has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With his credit Iuri will purchase chicks. He already has cages ready for them. After buying the chicks, Iuri will raise them and sell as chickens at a good price. This will bring him a good profit. Part of the profit will be reinvested in the same business, in order to expand his poultry. Another part will be used for family well-being. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.