A loan of $3,200 helped to purchase a car from abroad for resale.


Akaki's story

29 years old Akaki lives in Zestaponi district with his 22 year old wife, parents and retired grandparents. Akaki 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.
The main source of the income for the family is from agricultural activities. They have two milk cows, a vineyard and plot of land, where different vegetables are grown. Harvested products with the dairy products are sold at the local markets and among the villagers. Family additional income is Akaki’s grandparent’s monthly pensions which totally is 250 Gel.
Akaki requested loan from Credo to start-up family business. Akaki 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 Akaki will purchase a car from abroad at the low cost. He will transport it to Georgia and sell with the price mark up to earn a profit. Part of the profit he will reinvest in the same field to continue working with the car sales. Another part he will add to the family monthly income and improve their living conditions.



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Loan details