A loan of $600 helped to install gas equipment in his car.

Mikheil's story

Mikheil is 32 years old. He lives in the capital city of Georgia, Tbilisi, with his 56-year-old uncle and 31-year-old cousin, Levan. Mikheil 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 his low income and the family’s poor living conditions.

Mikheil has a car. He drives it as a taxi to earn a daily income. His uncle is working on the bus line. Mikheil’s cousin, Levan, is an artisan and works on constructions and renovations for private orders. They all get a small monthly income.

Mikheil requested a loan from Credo to start up a family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. The start-up loan program envisages the 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 their low income. With the received credit, Mikheil will install gas equipment in his car, as it is much cheaper than petrol. He will continue driving it as a taxi. This will significantly decrease his expenses and increase his profit. Having an increased income will give Mikheil an opportunity to provide better living conditions for his family.

Loan details

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Loan details