A loan of $1,550 helped to open a bakery.

Manana's story

Manana is 54 years old and lives in the small village of Sagarejo District with her husband, two sons and two daughter-in-laws. Manana requested loans from local financial institutions several times for a family business start-up but without any success. Her loan requests were rejected each time because of low income and her family’s poor living conditions.

The only source of the income for the family is from agricultural activities. They have a vineyard. They pick the grapes and Manana produces ‘Churchkhela,’ a Georgian delicacy prepared from grapes strung on a thread in the nut flour thickened grape juice, to sell. It is hardly enough to buy food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Manana requested a loan from Credo to start up a family business. Manana 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 Manana will open a bakery. After the bakery is opened, they will bake Georgian bread. This will increase the income of their 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