Total loan: $4,000


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Akhalkalaki, Samtskhe-Javakheti, Georgia / Food

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A loan helped To open a Georgian bread bakery.

Arsen's story

Arsen is 28 years old. He lives in Akhalkalaki District with his wife, two sisters, mother and two children (2 years and 3 months old). Arsen requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time, because of low income and the family’s poor living conditions. Arsen’s mother is working at the local social department; his sisters are working at the local kindergarten as a teacher and at the beauty salon, respectively. They all earn small monthly salaries, which is rarely enough to cover the monthly expenses and raise two children. Arsen requested loan from Credo to start up a family business. Arsen 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, Arsen will open a Georgian bread bakery. He will renovate the area that he has, purchase all the needed equipment and raw materials and start baking the bread. Arsen used to work as a distributor before, and he knows most of the shops around his district. He already has agreed with the owners that he will distribute his bread to them. Arsen will have a good number of clients and earn good profit for his family. With the increased income, Arsen will be able to ensure a better life for his children and improve the family's living conditions.