Nugzar is 46 years old and lives in the capital city - Tbilisi - with his wife and two children (7 and 14 years old). Nugzar is involved in car import business. He buys cars abroad and sells them in Georgia for a higher price. Several months ago Nugzar decided to start a new business to supplement his income but his loan requests have been rejected several times by local financial institutions. He lacks experience with new business start-ups and does not qualify under income requirements. Nugzar is requesting a loan under the framework of a new joint initiative between Kiva and Credo. This loan program provides startup and re-startup credits with reduced requirements for the rural poor who do not have access to many credit products - as they are regarded as “high risk borrowers” because of low income. Nugzar will use his loan to start a store where auto parts and accessories will be sold. He has already chosen the space for his business and hopes that his business will be profitable. This will increase his monthly income and the new business initiative will significantly improve the living conditions of his family.
More information about this loan
This loan is part of Credo's startup loan program targeting particularly vulnerable clients who live at the subsistence level and have been unable to obtain credit due to lack of income from an existing business. This program offers them a longer repayment term and an annual interest rate that is 5% lower than the standard interest rate. By funding this loan, you are supporting a program that gives borrowers a second chance to start and grow small businesses. This has the potential to alleviate the effects of poverty, significantly improving borrowers' incomes and their families' quality of life. Learn more about Credo's startup loan program on the Kiva Blog.
About LLC Micro Finance Organization Credo
LLC Credo (Credo) is a microfinance organization in Georgia that provides sustainable credit services to alleviate poverty in rural areas, including business loans, agriculture loans, household loans, crop insurance and more. Kiva lenders’ funds are used to help the organization expand its outreach to even more entrepreneurs, farmers and households in remote areas.