A loan of $2,500 helped to open a bakery and make Georgian bread.

George's story

George is 36 years old. He lives in Telavi district with his wife, Nunu, his retired father and retired aunt. George requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and family’s poor living conditions.

George is a professional singer. He is singing at the local restaurant for private parties, and he gets a small income. His wife, Nunu, is a music teacher at the local school. The family gets additional income from George’s father’s and aunt’s monthly pensions.

George requested loan from Credo to start up family business. George 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 credit, 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 George will open a bakery and make Georgian bread. He has a space in his garden, and he wants to renovate it, purchase all the needed equipment, and start baking bread there. The bread will be sold from the bakery. This business is popular in his district, and he hopes it will be successful. 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