A loan of $3,200 helped to buy a car to drive as a taxi.

Iuri's story

Iuri is 48 years old. He lives in Lagodekhi District with his 39-year-old wife and two children (14 and 12 years old). Iuri 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 family owns a small vineyard and a plot of agricultural land where fruit is grown. Harvested products are sold locally at the markets to get a small income. Iuri’s wife is a hospital nurse and she gets a small monthly salary which can hardly cover their food expenses.

Iuri requested a loan from Credo to start up a family business. His loan request was approved in the framework of 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 credit Iuri will purchase a car. He wants to start driving it as a taxi and serve local people to bring in additional income for the family. With the increased income Iuri will be able to cover their monthly expenses and provide his children’s future studies.

Loan details

Lenders and lending teams

Loan details