A loan of $800 helped to rent a bakery and start his own business.

Gocha's story

Gocha is 37 years old and from a small village in Martvili District. He is married and lives with his wife, two children and mother, who is provided with a retirement pension. Gocha has requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time, because of low income and family’s poor living conditions.

The only source of the income for the family is Gocha’s small monthly income working as a baker at local bakery. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Gocha requested a loan from Credo to start up a family business. His loan request was approved within the frame 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 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 Gocha will rent a bakery. He plans to start his own bakery and increase the income of the family. He has chosen a commercial space, which is in very crowded area, so he hopes that the business will be profitable. 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