Funded

Total loan: $950
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Merab


A loan of $950 helped to change the fuel system in his car to have it run more cost effectively.


Merab's story

Merab is 37 years old and lives in the small town of Kobuleti with his family, his wife, 7-year-old child and retired mother. The source of income for the family is the monthly pension of Merab’s mother. Merab has requested a loan from local financial institutions several time but his loan requests were always rejected because of low income and lack of experience in the new business. His current loan request was approved within the framework of a new joint initiative between Kiva and Credo. Merab owns a car and plans to serve the locals as a taxi driver but he will have to charge higher prices for his service because of the benzene (fuel) price is high. Not many citizens can afford to use the taxi service at a higher price. Because of the above mentioned problem, Merab has decided to change his taxi's fuel system from benzene to gas, which is cheaper than benzene and will reduce the cost of transportation by 40 to 45 per cent. It will allow Merab to decrease the price of the service, which will attract more customers. Increasing the number of customers and cutting his costs will positively affect his profit. He will pay a local auto service center to change the fuel system. The increased income will be used for the family’s well being.



Loan details

Loan length:

22 months
Disbursed date: February 19, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

22 months
Disbursed date: February 19, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo