A loan of $3,000 helped to purchase equipment for wood processing and open his own wood workshop.

Zaur's story

39-year-old Zaur lives in the Batumi district with his wife, two children (7 and 12 years old) and his retired mother. Zaur 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.

Zaur is working at the local wood workshop as a wood artisan. His wife is working at a restaurant as a cook helper. They both earn small monthly salaries. Additional family income is Zaur’s mother’s monthly pension.

Zaur 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 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 Zaur will purchase equipment for wood processing and open his own wood workshop. As he is already experienced in this field and is well known among the villagers, Zaur will have a good number of clients. As Zaur will not be dependent on a small salary anymore, and will have private orders, his income will significantly increase. He will work hard and log many hours to try and expand his business. 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