A loan of $2,500 helped to open a grocery store.


Mamuka's story

Mamuka is 24 years old. He lives in a small village of Kobuleti District, with his mother. Mamuka 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. Mamuka has a 0.5-hectare plot of agricultural land, where vegetables and citrus are grown. He sells the harvested products at local markets. Mamuka’s mother works as a cook at a local restaurant, and gets monthly income. They earn hardly enough to have food for the family. According to Credo estimations, the family belongs to the subsistence poor category. Mamuka requested a loan from Credo to start up a family business. Mamuka 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, Mamuka will open a local grocery store. This will increase the income of the family. Part of the new income will be reinvested in the same business, and they will use another part to improve their living conditions.



Loan details


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Loan details