Funded

Total loan: $3,000
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Irakli

Georgia
Batumi, Georgia / Property

A loan of $3,000 helped to renovate the garret in the house.


Irakli's story

Living in Batumi district Irakli is 29 years old married men. He lives with his wife, mother and brother. Irakli requested 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. Everyone in the family works on a small monthly salaries. Irakli is a distributor in a gas company. His wife is a teacher in a kindergarten, mother is a cleaner at the local beauty salon and brother is an artisan, working on renovations. Their total income is rarely enough to cover the monthly expenses and have proper food products to eat. Irakli requested loan from Credo to start-up family business. Irakli 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 Irakli will renovate the top floor in the house. He wants to start renting out their current living space seasonally on tourist. The family will move to live in the newly renovated garret and after renting their living space will be able to earn an additional income. Increased income will help them to cover all the monthly expenses and improve their living conditions.



Loan details

Loan length:

14 months
Disbursed date: May 16, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

14 months
Disbursed date: May 16, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo