A loan of $3,700 helped to purchase a car and work as a taxi driver.


Vakhtang's story

Vakhtang, age 24, lives in Akhmeta District with his parents and brother. The only source of income for the family is from growing different kinds of fruit on a half hectare of land and selling the harvested products locally. Though they are able to sell their produce at a good price, it is still hardly enough to provide food for the family. According to Credo estimations, the family belongs to the subsistence poor category. Vakhtang would like to start a taxi business. He has requested loans from local financial institutions several times to obtain family business start-up capital, but without success. His loan request was rejected each time because of his low income and the family’s poor living conditions. Vakhtang has now requested a loan from Credo to start up his taxi business, and he has been approved for a loan within the framework of a 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 because they are regarded as “high risk borrowers” due their low income. With his credit, Vakhtang will purchase a car and serve the local people as a taxi driver. This will increase the income of the family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.



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