A loan of $1,850 helped to purchase materials for furniture production.


Irakli's story

Irakli is thirty years old. He is married and lives with his wife Irma, their two-year-old son and his mother. Irakli’s wife is a housewife. His mother is busy with the family pig-farm, which is the only source of the income for the family. There is one pig on the farm and Irakli’s mother sells on average 10 piglets per year. The total average monthly income of the family is 350 Laris. According to Credo estimations the family belongs to the vulnerable poor category.

Irakli is a joiner. He has a workshop, where he used to produce various items of furniture, mainly chairs. Irakli stopped working 6 months ago, as he didn’t have money to purchase the wooden materials for production. He couldn’t get credit from local finance institutions, because of the family’s low income. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provision of business start-up and re-start-up credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Irakli will purchase materials for the workshop. He will re-start production of chairs and sell them through networks that he already knows; mainly in furniture stores in nearby towns. The income of the family will increase by approximately 110% and they will be able to improve their living conditions. Irakli also plans to reinvest part of the profit in the workshop, so he can diversify the products he makes. In addition to the above-mentioned, in the future Irakli 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