A loan of $1,100 helped to install gas equipment in his car and work as a taxi driver.

Shmagi's story

Shmagi is a 40-year-old man. He is married and lives with his wife in Tbilisi, the capital city of Georgia. Shmagi 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.

The only source of income for the family is the monthly income of his wife, who is working as a nurse. It totals 350 Laris per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Shmagi requested a loan from Credo to start up a family business. His loan request was approved in the framework of a 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.

With the received credit, Shmagi will install gas equipment in his own car and will serve local people as a taxi driver. 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