A loan of $550 helped to install gas equipment in his own car.

Nugzar's story

Nugzar is 25 years old. He lives in Kutaisi district with his father, his two children (4 and 6 years old), his 22-year-old brother and their retired grandmother. Nugzar 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.

The family has a shoe business with a workshop in their house. Nugzar and his brother make shoes and sell them to the villagers and at the local markets. His father is a truck driver and earns a small monthly salary. Additional family income is from his grandmother’s monthly pension.

Nugzar requested a loan from Credo to start up a family business. He 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 Nugzar will install gas equipment in his car. He wants to trade with bread. He will buy bread at the wholesale price from bakeries and distribute it to local shops with a price markup. As gas is a much cheaper fuel, Nugzar will have less expense, which will increase his profit. This will give him an opportunity to earn additional income for the family and provide better living conditions for them.

Loan details

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Loan details