A loan of $5,000 helped to renovate his new apartment to rent it out.


Anzor's story

Anzor is 47 years old. He lives in the Batumi district with his 43 year old wife, three sons (Gela, Gocha, and Guram), daughter in-law and retired father. Anzor requested loans 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 the family’s poor living conditions. The family's main source of the income is monthly salaries and pensions. Gela is a taxi driver and earns a small daily income. Gocha is working in the military and Guram is an invalid and gets a monthly pension from the local government institutions. Additional family income is Anzor’s father’s monthly pension. Anzor requested a loan from Credo to start up a family business. He 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 the 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, Anzor will renovate his new apartment to rent it out. He will purchase all the needed materials and pay the workers. As Batumi is a popular district for summer season, not only for locals but also for foreigners, the apartments for renting are highly requested in season. Anzor will renovate his apartment and rent it out to have additional income for his big family. With the increased income he will be able to provide better living conditions for his invalid son and retired father, both of whom need a lot of support due to their conditions.



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Loan details