A loan of $3,000 helped to open a bakery.

Beglar's story

Beglar, 32, is married and lives in the Batumi district with his wife, his mother and his two daughters (2 and 7 years old).

Beglar has requested loans from local financial institutions several times for family business start-ups, but without any success. His loan requests were rejected all the time because of his low income and the family’s poor living conditions.

The only source of living for the family is Beglar’s monthly salary. He is working at the electric company.

Beglar requested a loan from Credo to start a family business. Beglar 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, Beglar will open a bakery. He will rent a commercial space and purchase all the needed materials. His wife and his mother will be working as bakers in order to decrease the expenses and increase the profit. The bakery that Beglar is going to rent is in a very populous area and he hopes it will help the business to be successful. The new business initiative, financed with the Kiva start-up loan, will give Beglar an opportunity to earn additional income for the family and significantly improve their living conditions.

Loan details

Lenders and lending teams

Loan details