A loan of $1,525 helped to purchase a car and begin trade with groceries.


Temur's story

Temur is 40 years old. He lives in Chkhorotsku District with his wife and parents, who are provided with a retirement pension. Temur 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 only source of the income for the family is from agricultural activities. In particular, they have a pig, a milking cow, and a calf. Besides that, they have a vineyard and a 1.5 hectare plot of land where nut trees are grown. They sell the harvested products locally. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Temur requested a loan from Credo to start-up his family business. Temur 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 the 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, Temur will purchase a car. After purchasing a car, he will begin trade with groceries. He plans to purchase a stock of groceries and transport them with a car to nearby villages to sell at higher price. This will increase the income of his 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