A loan of $2,100 helped to open a car washing center.


Vasil's story

Forty-three year old Vasil lives in Norio village, Gardabani district with his wife and two children (14 and 17 years old). Vasil requested a loan from the local financial institutions several times for his family business start-up, but without any success. His loan request was rejected every time because of his low income and his family’s poor living conditions. Vasil is a driver. He is working privately and transports cargo to earn a small monthly income. The family also has 30 chickens. They sell eggs at the local market and earn additional income for the family.

Vasil requested loan from Credo to start-up a family business. Vasil has now been approved for a loan within the framework of the new joint initiative between Kiva and Credo. The start-up loan program envisages a provision of business start-up and restart-up credits with soft conditions for 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 Vasil will open a car washing center in his garden. He will purchase all the needed equipment and start washing cars. As Vasil is a very hard working man, he will try his best and work hard to make his business successful and profitable. The increased income will help Vasil and his family to improve their living conditions and have better life.



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Loan details