A loan of $3,200 helped to renovate an additional store store to rent out.


Teimuraz's story

Teimuraz is from the Khashuri district. He is 46 years old, married, and lives with his wife, a 7-year-old daughter and parents, who are retired. His wife works as an apothecary and receives a monthly income. Teimuraz receives a small amount of income from his store, selling fruits and vegetables. As the existing income is not enough for the family, Teimuraz decided to start a new business. He plans to finish renovating an additional store and to rent it out for a good price. Teimuraz has applied for loans from local financial institutions several times, for a business start-up, but without any success. His loan request was rejected each time because of his lack of experience in the new business, as experience is usually a requirement of local credit providers. However, his loan request was approved within the framework of a new joint initiative between Kiva and Credo. The start-up loan program provides business start-up and re-start credits with soft conditions to the country's rural poor, who do not have access to credit products, since they are regarded as “high risk borrowers” because of their low incomes. With this loan, Teimuraz will repair his newly built store and renovate it properly so that it satisfies the needs of his clients. Teimuraz hopes his business will be profitable and that this will increase his income, providing his family with enough money to satisfy their daily needs and improve their living conditions.



Loan details


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Loan details