A loan of $1,275 helped to renovate commercial space.


Ushangi's story

Ushangi is 21 years old. He lives in the Zestafoni district with his mother and sister. Ushangi has requested a loan from local financial institutions several times to start a family business, but he has had no success. His loan request was rejected each time, because of low income and his family’s poor living conditions.

The main source of the family's income is from agricultural activities. In particular, they have a vineyard and a plot of land where maize is grown. With the harvested grapes they make wine. The sell the wine and the maize locally at the markets. The family's total income is rarely enough to cover their monthly expenses.

Ushangi requested a loan from Credo to start a family business. His loan request was approved under a new joint initiative of Kiva and Credo. The start-up loan program provides credit with "soft" conditions for a business start-up or re-startup to the country's rural poor who do not have access to credit products. Generally, these customers are regarded as “high risk borrowers” because of their low income. With the loan Ushangi will renovate commercial space that he owns. He wants to start selling cars. He will purchase from Europe at a low cost and sell at a marked-up price in Georgia. For this business he needs an office to work from. After the office is renovated Ushangi will be able to start working and making a profit to bring additional income to the family. He will reinvest part of the profit in his business. The increased income will significantly improve the living conditions of the family.



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Loan details