A loan of $3,000 helped to purchase grocery stocks to open a grocery store.

Irakli's story

Irakli is 28 years old. He lives in Batumi District with his 21-year-old wife, 56-year-old mother and an infant child (1 year old). Irakli requested loan from local financial institutions several times for a family business start-up, but he did not have any success. His loan request was rejected every time because of his low income and his family’s poor living conditions.

The only source of the income for the family is Irakli’s monthly salary. He works in a sugar company as a distributor. The amount of salary is really small and it’s rarely enough to feed the family.

Irakli requested a loan from Credo to start up family business. His loan request was approved in the frames of new joint initiative between Kiva and Credo. This start-up loan program envisages providing 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, Irakli will purchase grocery stocks to open a grocery store. He will work in the shop himself so there won’t be extra expenses to pay for an employee. This will significantly increase the profit. Part of the profit will be used for reinvesting and developing the shop. Irakli will be purchasing more stocks of groceries to offer a wide variety of products to his clients. The new business will bring a good income to Irakli and his family and they will be able to improve their living conditions.

Loan details

Lenders and lending teams

Loan details