A loan of $1,825 helped to purchase a mini-bus.


Razhden's story

Razhden is 49 years old. He lives in the Telavi district with his 44-year-old wife, retired mother, 21-year-old son and 19-year-old daughter-in-law. Razhden 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 his low income and his family’s poor living conditions.

The main source of the income for the family is from agricultural activities. In particular, they have two milk cows, one calf, a vineyard and a plot of agricultural land, where fruits and vegetables are grown. Harvested products and the dairy products are sold locally at the markets. Their additional income is from Razhden’s mother’s monthly pension.

Razhden requested a loan from Credo to start-up a family business. Razhden 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, Razhden will purchase a mini-bus. He wants to start trading fruits and vegetables. He will purchase at the wholesale price and resell among the villagers and at the local markets with a price markup. Razhden will be reinvesting the profit in the same business, in order to expand it. This will increase his income and he will be able to improve his family's living conditions.



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Loan details