Total loan: $2,600
Kutaisi, Imereti, Georgia / Wholesale
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A loan helped To start trading with coffee.
Fifty-five-year-old Pridon lives in the Kutaisi district with his 15-year-old daughter. Pridon requested a loan from local financial institutions several times for family business start-up, but without any success. His loan requests were rejected every time because of low income and the family's poor living conditions. Pridon's wife is working abroad and the only source of income for the family is her monthly transfers. Pridon requested a loan from Credo to start up a family business. Pridon 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 Pridon will start trading coffee. He will purchase at the wholesale price from the resellers and distribute the coffee to local shops with the mini-bus that he owns. Rather than hire a drive Pridon will drive the bus himself in order to decrease expenses. Pridon will work as hard as he can to make his business successful to expand it in the future. The new business initiative, financed with the Kiva start-up loan, will increase the family income and Pridon will be able to improve their living conditions.