A loan of $5,000 helped to buy a car and work as a taxi driver.

Besarion's story

Besarion is 30 years old. He lives in the small village of Lagodekhi District in East Georgia. Besarion has a large family: a wife, two infant children, parents and a grandmother who is provided with a retirement pension. He requested a loan from the local financial institutions several times for his family business start-up, but without any success. His loan request was rejected each time, because of his low income and the family’s poor living conditions.

The only source of the income for the family is from the agricultural activities. In particular, they have two milk cows whose milk is used in cheese production. Besides that, Besarion has a 0.5 hectare vineyard and 27 persimmon trees. They produce wine and sell the cheese locally in an open market. It is hardly enough food for such a large family. According to Credo estimations, the family belongs to the subsistence poor category.

Besarion requested a loan from Credo to start-up his family business. His loan request was approved in the frames of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor, who do not have access to credit products and are regarded as “high risk borrowers” because of thei low income. With the received credit, Besarion will purchase a car. As their existing income isn’t enough for the family, and their living conditions are poor, Besarion decided to work as a taxi driver after buying the car. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of the family.

Loan details

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Loan details