Funded

Total loan: $1,300
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Genadi

Georgia
Batumi, Georgia / Services

A loan of $1,300 helped to purchase a vacuum cleaner and also make an advertising banner for his car-washing service center.


Genadi's story

Genadi is 53 years old. He lives in the Batumi city with his 46-year-old wife, Rusudan, and two children, who are students. Genadi requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time because of low income and the family’s poor living conditions.

Genadi has a car-washing service. Along with washing the cars from the outside, they also wash carpets and get a small monthly income. Rusudan is working as a lecturer at the local university and she is also working part-time at the local children's clinic as a nurse. The total family income is rarely enough to cover their expenses.

Genadi requested a loan from Credo to start up a family business. Genadi has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high-risk borrowers” because of their low income.

With his credit, Genadi will purchase a vacuum cleaner and also make an advertising banner for his washing service center. With the vacuum cleaner, Genadi will be able to offer better service to his customers and wash the cars not only from outside, but also clean them from inside. With the poster, he will be able to attract more clients, and this will significantly increase his income. Increased income will help Genadi to cover the family monthly expenses and also provide for his children's studies.



Loan details

Loan length:

14 months
Disbursed date: April 17, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

14 months
Disbursed date: April 17, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo