A loan of $400 helped to purchase a refridgerator and sell frozen meat.

Otar's story

Otar is 61 years old. He lives in Tbilisi, the capital city of Georgia with his wife. Otar 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 his low income and the family’s poor living conditions.

Otar works physically in the Bazaar and earns an income. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Otar requested loan from Credo to start-up a family business. Otar 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 provision of business start-up and re-start-up 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 Otar will purchase a refrigerator. After purchasing a refrigerator, he will place it in the Bazaar and sell frozen meat. 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

Lenders and lending teams

Loan details