Total loan: $2,500
Ozurgeti, Guria, Georgia / Manufacturing
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A loan helped to open a plastic workshop for his start-up business.
Teimuraz is 27 years old. He lives in Ozurgeti district with his parents, wife and two infant children. Teimuraz requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected because of his low income and his family’s poor living conditions. Nowadays, the family has a small income, Teimuraz's salary is from working at a metal and plastic workshop. He wants to open his own workshop and increase his income. He 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 the provision of business start-up and re-startup credits with soft conditions for rural poor people who do not have access to credit products. These rural poor are regarded as “high risk borrowers” because of their low incomes. With his loan, Teimuraz will open a plastic workshop. He will purchase equipment and raw materials and will get orders to make different kinds of plastic materials. This will increase the income of his family. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.