A loan of $3,500 helped to open a bakery.


Oleg's story

Oleg is 36 years old. He lives in a small village in the Kobuleti District with wife, mother, and two daughters. Oleg requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected each time because of low income and his family’s poor living conditions.

Oleg trades fruits and vegetables; this is the only source of income for his family. It is hardly enough food for the family. According to Credo's estimations, the family is categorized as subsistence poor.

Oleg 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 between Kiva and Credo. The start-up loan program envisages a 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, Oleg will open a bakery. After the bakery is opened, he will bake Georgian bread to sell and will be able to 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