A loan of $5,000 helped to open a car wash.

Asip's story

Asip is 23 years old. He lives in the small village of Marneuli District with his parents and wife. Asip requested loans from local financial institutions several times for a family business start-up, but without any success. His loan requests were rejected all the time because of low income and the family’s poor living conditions.

Asip serves local people as a taxi driver and gets income. Besides this, he has a plot of land where potatoes are grown. He does all the agricultural work with his parents to ensure a good harvest. They sell the harvested potatoes locally at a good price. It is hardly enough for food for the family. According to Credo estimations the family belongs to the 'subsistence poor' category.

Asip requested a loan from Credo to start-up a family business. Asip 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 the 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 Asip will open a car wash. He will purchase all the needed equipment for washing cars. Asip is not experienced in this business but he will do his best 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