A loan of $975 helped to purchase a milk cow.


Mikheil's story

Mikheil is 26 years old. He is single and lives in Tskaltubo district of West Georgia. Mikheil requested a loan from local financial institutions several times for the business start-up, but without any success. His loan request was rejected all the time because of low income and his poor living conditions.

The only source of income for Mikheil is his small monthly income working as a local artisan. In addition, he runs a small-scale agricultural business and has a plot of land and a vineyard. Mikheil grows nuts and picks grapes in the late summer to produce wine. The harvested nuts and wine are sold at the local open market. It makes totally 200 Laris per month, which is hardly enough for food and everyday expenses. According to Credo estimations, Mikheil belongs to the subsistence poor category.

Mikheil requested a loan from Credo to start-up a dairy business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. Start-up loan program envisages a provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit, Mikheil will purchase a milk cow. After the milk cow is purchased, he will be able to receive milk and produce dairy products, which will be sold at the local open market. The new business initiative, financed with the Kiva start-up loan, will significantly increase his monthly income and Mikheil will improve his living conditions.



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Loan details