A loan of $2,325 helped to open a wine cellar.

Teimuraz's story

Teimuraz is 60 years old. He lives in Naghobilevi village, Ozurgeti district, with his 56-year-old wife. Teimuraz 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 runs an agricultural business. They own a plot of land where mandarins, nut trees and maize are grown. All the harvested products are sold locally at the markets. The family receives additional income, i.e., a salary earned by Teimuraz’s wife. She is teaching foreign languages (English and German).

Recently, Teimuraz requested a loan from Credo, to start up a family business. Teimuraz 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 credits with soft conditions, to rural poor people who do not have access to other credit products. These rural poor people are regarded as “high risk borrowers” because of their low income.

With his credit, Teimuraz will open a wine cellar. He will purchase wine at the wholesale price, and resell it with a price markup from the commercial space that he already owns. As Teimuraz will not have to pay rent for the space, and he will be selling wine himself from the shop, the profit will be significant. This will make the business successful, and the family will be able to improve their living conditions.

Loan details

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Loan details