A loan of $2,100 helped to purchase a truck.


Varlam's story

Varlam is 46 years old. He lives in Samtredia district with his wife, Lia, and two children (19 and 22 years old). Varlam requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time because of his low income and the family’s poor living conditions.

The main source of income for the family is from agricultural activities. In particular, they have two milk cows and three calves. The cows are milked every day to produce cheese. The product is sold at the local market, and the family gets a small monthly income of 200 Lari. Their additional income is Varlam’s son’s salary. He is an artisan and works on house construction and renovations for private orders.

Varlam requested a loan from Credo to start-up family business. Varlam 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, Varlam will purchase a truck. He will be working on private orders as a driver to transport different types of cargo. Varlam will earn additional income for the family. He wants to expand his agriculture and improve the family's living conditions. For this reason, he will work as hard as he can and try to do his best in the new business.



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Loan details