A loan of $2,500 helped to start up a car wash.

Teimuraz's story

Teimuraz is 57 years old and lives in the Telavi district with his wife. The only income provider for the family is Teimuraz’s wife, working as an accountant. According to Credo estimates, the family belongs to the subsistence poor category.

Teimuraz has decided to start a new business to supplement his income but his loan requests have been rejected several times by local financial institutions. He lacks experience with new business start-ups and does not qualify under income requirements.

Teimuraz is requesting a loan under the framework of a new joint initiative between Kiva and Credo. This loan program envisions providing start-up and re-startup credits with soft conditions to the rural poor, who do not have access to many credit products as they are regarded as “high risk borrowers” because of low income.

Teimuraz will use his loan to start a car wash. He will purchase essential equipment and a vacuum cleaner. Teimuraz will provide services to local community members and hopes to increase the monthly income of the family. His new business initiative will significantly improve the living conditions of his family.

Loan details

Lenders and lending teams

Loan details