A loan of $600 helped to pay for a fuel system change for his taxi.


Genadi's story

Genadi is 37 years old. He is married and lives with his wife and three children in Kobuleti District. His mother is provided with a retirement pension and his son goes to school. Genadi requested a loan 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 low income and the family’s poor living conditions. Genadi has a car and works as a taxi driver. He serves local people and earns income. It makes a total of 500 Laris per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category. His loan request was approved in the framework of 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 the country's rural poor, who do not have access to credit products, being regarded as “high-risk borrowers” because of low income. Genadi 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 percent. It will allow him to decrease the price of the service, which will attract many 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 wellbeing. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.



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