Funded

Total loan: $1,500
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Gela

Georgia
Rustavi, Georgia / Bakery

A loan of $1,500 helped to start up a confectionery.


Gela's story

Gela is 37 years old. He lives in the town of Rustavi near the capital city. He is married with three children. Gela’s mother and brother live with him as well. The only one who makes money in the household is Gela’s wife working as a confectioner in the capital city. Her earnings are modest and are not enough to cover the every day costs of such a large family. Gela is unemployed at the moment.

He has requested a loan from local financial institutions several times for a family business start-up, but he hasn't had any success. He wants to start a bakery and a confectionery, but his loan request has always been rejected in the past because of his lack of experience, which is usually required by local credit providers. Gela 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 vulnerable 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, Gela will start up his own confectionery shop. He has already rented a store with all of the needed equipment, and he needs money to purchase raw materials for baking cookies and cakes. Gela will hire a confectioner, and his wife will help him running the business as well.

The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his family.



Loan details

Loan length:

13 months
Disbursed date: July 19, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

13 months
Disbursed date: July 19, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo