A loan of $950 helped to purchase lambs and calves.

Michael's story

Michael is sixty-two years old. He lives in Khoni District, West Georgia with his family: his wife – Darejan and two sons (twenty-three and twenty years old). Darejan works as a nurse in the village. Michael has health problems and receives a relevant pension from the government. The family owns a plot of land, where 250 nut trees are grown. Michael sells nuts on Khoni Market. The total average monthly income of the family is 450 Laris. According to Credo estimations the family belongs to the subsistence poor category.

Michael requested credit for the start-up of an agricultural business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Michael will purchase four calves and three lambs. He will place the calves and lambs in the cattle-shed, located in his yard. During six months Michael will feed them and after six months, he will sell the grown calves and sheep for higher price. Michael plans to reinvest the profit in the same business and purchase more domestic animals to expand his business. As a result of the start-up loan the income of the family will increase over the long-term. They will be able to improve their living conditions and in addition to the above-mentioned in the future the family will have enough income to access regular credit products available on country’s capital market, in case of need.

Loan details

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Loan details