A loan of $4,000 helped to open a plastic workshop for his start-up business.

Otar's story

Otar is 40 years old. He lives in Khashuri District with his wife, two children and parents, who are provided with a retirement pension. Otar 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 his family’s poor living conditions.

Nowadays, the family does not have a source of income. According to Credo estimations, the family belongs to the subsistence poor category.

Otar requested a loan from Credo to start up a family business. Otar 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, Otar will open a plastic workshop. He will purchase equipment and raw materials and will get orders to make different kinds of plastic materials. 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.

Loan details

Lenders and lending teams

Loan details