Funded

Total loan: $1,500
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Vugar


A loan of $1,500 helped to purchase a dough breaker.


Vugar's story

Vugar is 29 years old. He lives in the Marneuli district with his wife and son. Vugar owns a bakery, which is stopped. Vugar has requested a loan from local financial institutions several times for a family business start-up, but he hasn't had any success. He wants to re-start his own bakery, but his loan requests have always been rejected in the past because of his lack of experience, which is usually required by local credit providers. Vugar has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With his credit, Vugar will purchase a dough breaker and will knead dough. He will bake traditional Georgian bread and sell it for a good price. He owns a commercial space and he hopes his project will be profitable as he already has the baking experience and will offer quality products to his customers. This will increase his sales volume. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his family.



Loan details

Loan length:

15 months
Disbursed date: January 23, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

15 months
Disbursed date: January 23, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo