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Total loan: $1,575
Chkhoria, Samegrelo-Zemo Svaneti, Georgia / Food
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Nunu's loan finished fundraising,
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A loan helped to start trading in honey at the local market.
Nunu is a 52-year-old married woman, from the village of Chkhoria. She has seven family members and only one person has a stable job. They earn 300 GEL in monthly income. Other family members are involved in agribusiness. In particular Nunu is engaged in cattle and pig breeding, and in cultivating family-owned agricultural land, where she harvests nuts. She sells milk products and nuts locally, but the income is not enough to cover all family expenses and they live in poverty. Nunu requested a loan from local financial institutions several times for trading business start-up but without any success. Her loan request was rejected each time, because the creditors did not find the existing family income to be sufficient to approve the loan. Nunu requested a loan from Credo to start a trading business. Her loan request was approved in the framework of a joint initiative by Kiva and Credo. The start up loan program provides start up credit with soft conditions for the country's rural poor, who are regarded as "high risk borrowers" because of their low income and do not have access to credit products. With the received credit, Nunu will purchase stock of honey temporarily and will sell it for increased prices. The new business initiative, financed with the Kiva startup loan, will increase the family's income and the family members will be able to improve their living conditions.