A loan of $3,700 helped to start up a family grocery store business.

Nugzar's story

Nugzar is 54 years old. He lives in Mtskheta District with his daughter-in-law and 2 grandchildren. Nugzar requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time because of his low income and the family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have 3 milk cows whose milk is used in cheese production. They sell cheese locally in an open market. Besides that, Nugzar works as an artisan and gets a monthly income. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Nugzar requested a loan from Credo to start up a family business. His loan request was approved within the framework of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit Nugzar will start a grocery store. He will purchase basic groceries and start a new business. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.

Loan details

Lenders and lending teams

Loan details