Total loan: $3,000
Kutaisi, Imereti, Georgia / Services
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A loan helped to open an entertaining center.
Teona is 24 years old. She lives in Kutaisi district with her aunt and uncle. Teona requested loans from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected because of low income and her family’s poor living conditions. Teona works at the local shop as a salesperson. Her aunt works in the restaurant as a waitress. They both earn small monthly salaries, which is the only source of living for the family. Teona is requesting a loan from Credo to start a family business. She has been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisions 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 her loan,Teona will open an entertaining center. She will rent a room, renovate it as needed, and hire people who will be working as animators on private orders on call. There is not many of this kind of centers in Kutaisi district and Teona hopes this will help her to have a good numbers of clients. She will try to have all kinds of entertainments needed for birthdays or other celebrations to satisfy clients' needs and make her business successful. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family income and Teona will be able to improve their living conditions.