A loan of $1,800 helped to purchase cement for his workshop making cement blocks for construction.

Nugzar's story

Nugzar is 51 years old. He lives in the city of Rustavi with his wife and two children, who are going to school. Nugzar 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 Nugzar’s monthly salary. He has a truck and works on transporting different kinds of cargo on private orders.

Nugzar requested a loan from Credo to start up a family business. His loan request was approved in the frame 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 Nugzar will purchase cement for his workshop making cement blocks for construction, which is not functional at the moment. With the cement Nugzar will start producing cement blocks and sell them to the local resellers. This will significantly grow his income. Nugzar will reinvest part of the profit to develop his business and make more products. Another part he will use to provide future education for his children and improve their living conditions.

Loan details

Lenders and lending teams

Loan details