A loan of $5,000 helped to purchase a plot of agricultural land.

Mikheil's story

Mikheil is 48 years old. He lives in Gurjaani district with his retired mother. Mikheil 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 the family’s poor living conditions.

Mikheil’s father and wife are working abroad. They send home money transfers for the family and that’s the only income for them.

Mikheil requested a loan from Credo to start-up a family business. Mikheil 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 Mikheil will purchase a plot of agricultural land where there is a vineyard and also where peach trees are growing. He already has some savings and needs this loan to add to them and buy the land. As there are already crops growing on the land, Mikheil soon will have a good harvest. He is planning to use the profit and renovate his house to function as a hotel. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Loan details

Lenders and lending teams

Loan details