Total loan: $1,550
Kvareli, Kakheti, Georgia / Transportation
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A loan helped to purchase a car and serve local people as a taxi driver.
Solomon is 43 years old. He lives in Kvareli District with his wife, Tamar, and mother, who is provided with a retirement pension. Solomon requested a loan from local financial institutions several times for a 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. Solomon is involved in agricultural activities. In particular, they have two pigs and 0.5 hectare of agricultural land, where maize is grown. He sells the harvested maize at local markets. Tamar works as a nurse at a local kindergarten. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category. Solomon requested a loan from Credo to start up a family business. Solomon 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, Solomon will purchase a car and serve local people as a taxi driver. After purchasing a car, he will be able to increase the income of his family. Part of the profit will be reinvested in the agricultural business. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.