A loan of $4,300 helped to renovate more rooms in their house to rent them out.

Vakhtang's story

Vakhtang is 58 years old. He lives in Tsageri district with his wife and retired mother. Vakhtang 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 low income and family’s poor living conditions.

Vakhtang is working as a welder on private orders and earns 350 Lari per month. They also rent a room in their house. Additional income for the family comes from Vakhtang’s mother’s monthly pension.

Vakhtang requested a loan from Credo to start-up a family business. Vakhtang 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 Vakhtang will renovate more rooms in their house to rent them out. He will purchase all the needed materials and hire the builders. After the renovation is done the room prices will be higher, and Vakhtang will earn a good income for the family. He wants to improve the family's living conditions. The new business initiative, financed with the Kiva Start-up loan will help the family to have a better life.

Loan details

Lenders and lending teams

Loan details