Total loan: $5,000
Zeda Sakara, Imereti, Georgia / Construction
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A loan helped To start producing cement blocks by purchasing a cement-block bottling machine and raw materials.
Guram is a 43-year-old artisan. He lives in Zestaponi district with his wife, retired mother, son, daughter-in-law, and an infant grandchild. He is working on private orders for construction to earn a small monthly salary, which is rarely enough to feed his 6-member family. Their additional income is Guram’s mother’s small monthly pension. Guram requested a loan from local financial institutions several times to start up a family business, but without any success. His loan request was rejected every time because of low income and the family’s poor living conditions. Guram also requested a loan from Credo to start up a family business. Guram 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. Such rural poor people are regarded as “high-risk borrowers” because of their low income. Guram will use the loan amount to purchase a cement-block bottling machine and raw materials. He wants to start producing cement blocks and sell them locally. Guram is a very hardworking man, and the loan will give him an opportunity to develop the new business and increase his family's income. As he is experienced in the construction business and knows a lot of people around, he will be able to sell good numbers of blocks and earn a profit. He will reinvest part of the profit in the same field and expand the business and will use another part for his family's well-being. He will be able to improve their living conditions with the increased income.