Funded

Total loan: $1,500
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Otar

Georgia
Sergieti, Georgia / Transportation

A loan of $1,500 helped to buy a car.


Otar's story

Otar is 20 years old from the small village of Martvili district. He lives with his wife and 2 infant children. Otar has requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected every time because of his ow income and his family’s poor living conditions.

The only source of the income for the family is from agricultural activities. In particular, they have 2 milk cows and 0.5 hectare agricultural land, where 200 nut trees are grown. They sell the harvested products locally in an open market at a good price. The money earned is barely enough to feed the family. According to Credo estimations the family belongs to the subsistence poor category.

Otar has requested a loan from Credo to start-up a family business. His loan request was approved in the frame of the new joint initiative between Kiva and Credo. The start-up loan program envisages 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 low income.

With the received credit Otar will purchase a car. After purchasing the car, Otar plans to buy groceries in Kutaisi to transport to his village for resale at a better price. He will be able to increase the income of his family.

The new business initiative, financed with the Kiva Start-Up loan will significantly improve the living conditions of the family.



Loan details

Loan length:

27 months
Disbursed date: December 28, 2012
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

27 months
Disbursed date: December 28, 2012
Facilitated by Field Partner: LLC Micro Finance Organization Credo