A loan of $2,500 helped to purchase a car and serve local people as a taxi driver.


Vaghinak's story

Vaghinak is 48 years old and comes from Akhalkalaki District. He has a large family: parents, brother, sister-in-law, nephew and niece. Vaghinak 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.

Nowadays, the family is out of sources of income, except for the retirement pensions of Vaghinak’s parents. The pensions total 250 Laris (GEL) per month. It is hardly enough for food, for the seven-member family. According to Credo estimations, the family belongs to the subsistence poor category.

Recently, Vaghinak requested a loan from Credo to start up a family business. Vaghinak 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 restart-up credit, with soft conditions, to rural poor people, who do not have access to ordinary credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With his credit Vaghinak will purchase a car and serve local people as a taxi driver. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.



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Loan details