A loan of $2,200 helped to purchase counters and anti-parasite drugs to sell from his shop.

Tengiz's story

Tengiz is 55 years old. He lives in Khoni District with his 50-year-old wife Mzia and retired mother. Tengiz requested loans from local financial institutions several times for the family business start-up, but without any success. His loan requests were rejected every time because of his low income and the family’s poor living conditions.

His family owns a small plot of land where they grow kiwi and sell it locally at the markets. Tengiz’s wife Mzia is a teacher of biology. She has private students and gets a small monthly salary. In addition they have income from Tengiz’s mother’s monthly pension.

Tengiz requested a loan from Credo to start-up a family business. His loan request was approved in the frames of new joint initiative of Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Tengiz wants to purchase counters and anti-parasite drugs. He has a shop where he plans to sell the products. As tilling season is starting soon and people will start cultivating their land, Tengiz hopes his product will be demanded from the locals. As he will work the shop himself and will not have to pay rent, the business will be more profitable. He will reinvest part of the profit into the same business and use the rest for his family's wellbeing.

Loan details

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Loan details