A loan of $1,350 helped to purchase an electricity counter for his wood workshop.

Pridon's story

Pridon is 66 years old. He lives in Senaki District with his 40-year-old son, his daughter in-law and two grandchildren (15 and 10 years old). Pridon requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and his family’s poor living conditions.

The main source of income for the family is from agricultural activities. They own a vineyard and plot of agricultural land where nut trees, maize, and laurel are grown. They also have a milk cow and a calf. The cow is milked to make dairy products, and with the grapes Pridon is making vodka. Harvested produce, together with vodka and dairy products, are sold at the local markets in Senaki district.

Pridon requested a loan from Credo to start-up a family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. This start-up loan program envisages 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 loan Pridon will purchase an electricity counter for his wood workshop. He is already building the workshop himself and needs electricity to start working in it. Pridon is very experienced in this field as he already was working at a local wood workshop for a small monthly salary. Now that he will have his own workshop, the family income will significantly increase. Part of the profit will be reinvested in the same business and another part used to provide better living conditions.

Loan details

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Loan details