A loan of $1,000 helped to purchase a bakery where he will bake Georgian "cheese bread" to sell along with breads from his first bakery.

Lasha's story

Lasha is 26 years old. He lives in Batumi, with his wife and aunt. Lasha requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

The family has their income from a newly-started business in their local town. Lasha has a bakery, where breads are baked and sold in Batumi. The income from this bakery is hardly enough to cover only food and everyday expenses for three people. Because the income is not enough for the family, Lasha decided to start-up a new business with the requested loan.

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

With the received credit, Lasha will purchase an additional local bakery, where he will bake Khachapuri (Georgian “cheese bread’’). This is a very popular traditional food among Georgians. Khachapuri will be sold with the breads from Lasha's first bakery, and this will increase the family's income. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Loan details

Lenders and lending teams

Loan details