A loan of $1,300 helped to open an auto car wash.


Teimuraz's story

Teimuraz is 41 years old. He lives in the small village of Telavi District with his wife and 20-year-old son. Teimuraz requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected each time, because of low income and the family’s poor living conditions.

Teimuraz is an auto car artisan and repairs cars. His son works as a driver at a private company. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Teimuraz requested loan from Credo to start up a family business. Teimuraz 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 the received credit, Teimuraz will open an auto car wash. As he is a well-known artisan in his village and has a good number of clients, he thinks that his new business will be profitable. The profit will be reinvested in the same business. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.



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Loan details