Funded

Total loan: $1,500
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Gevorg

Georgia
Nalbandiani, Georgia / Fruits & Vegetables

A loan of $1,500 helped to purchase fruits and vegetables for resale.


Gevorg's story

Gevorg is 23 years old. He lives in the Akhalkalaki District with his mother. He has asked for loans from local financial institutions to start up a new business several times but has not had success. His loan requests were rejected each time because of low income and lack of experience in his job, which is usually demanded by local credit providers. The only source of income for the family is the small monthly income earned by Gevorg’s mother working as a cleaner locally. Gevorg used to have a business where different kinds of fruits and vegetables were sold, but he stopped this because he joined military service. He has recently returned from service and decided to restart his trading business, but his current savings are not enough to implement his plan. His loan request was approved as part of the new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-startup credit with soft conditions to the rural poor who do not have access to credit products, being regarded as “high-risk borrowers” because of their low income. With the received credit, Gevorg will purchase fruit and vegetables at wholesale prices and take them to sell at his open market store. Gevorg plans to increase the turnover in his trade business gradually. The new business initiative, financed with the Kiva start-up loan, will significantly increase the income of his family. Gevorg will work hard and will be able to improve the living conditions for himself and his family. Along with the above mentioned, the family will have enough income to access regular credit products available in the country’s capital market, in case of need.



Loan details

Loan length:

17 months
Disbursed date: December 19, 2012
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

17 months
Disbursed date: December 19, 2012
Facilitated by Field Partner: LLC Micro Finance Organization Credo