A loan of $1,500 helped to purchase materials to start a music studio.


Nino's story

Nino, 33, lives in Tskaltubo District, West Georgia with her four year old daughter and her mother-in-law. Nino’s husband, Shalva, works out of the country and provides financial assistance to his family. Nino requested a loan from local financial institutions several times for her business start-up but without any success. Her loan request was always rejected because of her low income and her family’s poor living conditions.

Nino works as a music teacher. Her salary is the main source of income for the family, along with the income of Nino’s mother-in-law from small scale agricultural activities. The average monthly income of the family is 300 Laris. Also periodically Nino’s husband sends some funds to the family. According to Credo's estimations, the family belongs to the subsistence poor category.

Nino requested a loan from Credo to create a music studio, where she will teach music, in particular Georgian songs to local children. Also, the family plans to construct a greenhouse. Her 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-startup capital with soft conditions to the country's rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of their low income.

With the credit received, Nino will purchase materials to renovate a room for her studio, as well as to purchase the relevant furniture for it. She will also purchase materials for the greenhouse construction. Nino’s mother-in-law will grow greens and tomatoes in the greenhouse and sell the harvest at the local market. Nino will be busy in her music studio. The new business initiatives of the family, financed with the Kiva Start-up loan, will significantly increase their income and even double it. With this, Nino will be able to provide better living conditions to her children.



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Loan details