A loan of $1,525 helped to purchase a workshop for his son to repair cars.

Kudaverdi's story

Khudaverdi is 51 years old. He lives in a small village in the Marneuli District with his wife, two sons and a daughter-in-law. Khudaverdi requested loans from local financial institutions several times for a family business startup, but without any success. His loan request was rejected all the time because of low income and the family’s poor living conditions.

The family is involved in agricultural activities. In particular, they have 0.3 hectares of agricultural land where potatoes are grown. They sell the harvested potatoes at local markets. Kudaverdi’s son, Akhmed, has rented a workshop and works as an artisan of cars. It is hardly enough to pay for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Khudaverdi requested a loan from Credo to start up a family business. His loan request was approved within the framework of a new joint initiative of Kiva and Credo. The Start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to country rural poor who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received credit, Khudaverdi will purchase a workshop where his son will get orders to repair cars. He wouldn’t have to pay rent, and 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