A loan of $625 helped to purchase an old damaged car, fix it and sell it at a higher price.

Jaba's story

Jaba is 46 years old. He lives in Zestaponi district with his 43-year-old wife, two sons and retired mother. Jaba has requested loans from local financial institutions several times for his family business start-up, but without any success. His loan request was rejected every time due to his low income and his family’s poor living conditions.

Jaba is a tinsmith worker. He fixes damaged cars (repairing the car body) on private orders and earns a small monthly salary. His family also has a milk cow and owns a vineyard. They use the cow for milk to make cheese. With the harvested grapes, Jaba makes vodka, which is sold together with the cheese locally at the markets.

Jaba has requested a loan from Credo to start-up his family business. His loan request was approved in the frame of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-start-up credits with soft conditions to the country 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 Jaba will purchase an old damaged car. He already has some savings and needs this loan to add to the amount that he has. After buying a damaged car he will fix it himself and then sell it at a higher price. As he is already experienced in this field Jaba hopes he will earn a good profit to reinvest in the same business and buy more cars. This will significantly increase the family income and he will be able to provide better living conditions for them.

Loan details

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Loan details