A loan of $5,000 helped to open a bakery.


Tamaz's story

Tamaz is 39 years old. He lives in the Gurjaani District in Kakheti Region with his wife and mother-in-law, who is provided with a retirement pension. Tamaz 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. Tamaz works in Border policy and his wife works at a local hospital. They both get a monthly income. It is hardly enough to supply food for the family. According to Credo estimations, the family belongs to the subsistence poor category. Tamaz requested a loan from Credo to start-up a family business. Tamaz 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 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, Tamaz will open a bakery. He will purchase all the needed equipment and raw materials for baking Georgian bread and Georgian cheese bread. As he has party at a crowded space where he plans to open a bakery, he thinks the business will be profitable. 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


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Loan details