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Total loan: $2,300
Tbilisi, Tbilisi, Georgia / Food
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Irakli's loan finished fundraising,
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A loan helped To renovate the bakery and purchase more materials.
39 years old Irakli lives in the capital city of Georgia, Tbilisi with his 28 year old wife Nato. Irakli 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 only source of the income for the family is from the Georgian bread bakery. Irakli bakes the bread, which is sold from the bakery and in nearby shops. Irakli requested loan from Credo to start-up family business. Irakli 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 Irakli will renovate the bakery and purchase more materials. He wants to expend the business. After renovation Irakli will add more inventories, which will give him an opportunity to bake more bread and increase his income. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of the family.