A loan of $1,600 helped to renovate her house in order to rent it out seasonally.

Nana's story

Nana is 46 years old. She lives in Borjomi district with her 46-year-old husband, 22-year-old daughter (Natela) and 23-year-old son (George). Nana has requested loans from local financial institutions several times for the family business start-up but without any success. Her loan request was rejected each time because of low income and the family’s poor living conditions. The main source of the income for the family is the monthly salaries of Nana and her children. Nana is working as an old man’s nurse; her son is working at the local TV station as an operator; and her daughter is working at the local shop as a seller. In addition, Nana’s husband is getting a small monthly pension from government institutions as he is a war veteran.

Nana requested loan from Credo to start up the family business. Nana 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 the provision of business start-up and re-start-up 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, Nana will renovate her house. She will purchase all the needed materials and pay the artisan. After the house is renovated, Nana will rent the rooms out during the summer season. Because Borjomi district is becoming very popular as a tourist area and every summer is very crowded, Nana hopes her business will be profitable. New business will significantly increase the family income, and Nana will be able to provide better living conditions for her family.

Loan details

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Loan details