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Eng | Geo
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Mission & Vision|
A Hand Given in Need
Levan Abuselidze has a honey beekeeping business in village Bobokvati, West Georgia. The business specializes in honey and bee wax production, distribution and selling of the products in the markets of nearby towns and cities.
His business went through a major downturn when many of his honeybee families died as a result of an infection. In addition, due to his rural residency there was no financial assistance available to recover the lost honeybee families and associated business losses. When Credo started its operations in the village Bobokvati in 2006, Mr. Abuselidze applied for his first loan of 2000GEL which he used to purchase honeybee families and beehives. Since then his business has grown from 20 to 60 honeybee families.
Mr. Abuselidze's business employs 5 people. The significant growth of business has positively impacted his financial condition and has allowed him to explore further expansion opportunities.
Young Entrepreneur Success Story
Born in 1984, Giorgi Gagnidze is one of Credo's youngest clients with a particular entrepreneurial talent. His exceptional passion for hard work and the motivation to be an independent income earner, have led him to start his own business.
Giorgi received his first loan in the amount of 150 USD for purchase of a desktop computer in 2002. At that time he trained other young people assembling and repairing various computer parts. His hard work paid off and soon he was able to open an officially certified training center. Today Giorgi Gagnidze operates a wide variety of businesses including an internet café, a computer training center, translation services, and a tourism agency. His business employs 20 people.
Giorgi is married and has one child. He further works to expand his business and aims at employing more people in the future.
Starting Up a New Business
Seroj Opsepian is a seasonal loan receiver, living in a mountainous tourism resort of Bakuriani. Similar to most residents of mountain resort places, he operates a business linked to winter tourism.
Before applying for a Credo loan 5 years ago, he operated a ski rental business. He received his first loan to expand his winter tourism business by renovating his house and host tourists during winter. With the loan, he improved plumbing and heating system of the house and renewed walls.
Comfortable atmosphere attracted more clients and as a result, he has stimulated his business and has significantly impacted his financial condition. His business currently supports 5 people. Cast the Line to Catch the Life
Akaki Tsinadze VF Credo issues urban loans to small business owners, demonstrating commercial vision and enterpreneurial initiative. One of Credo,s such clients is Mr. Akaki Tsinadze, who after Georgia’s independence from USSR, went through numerous downturns in personal finances, but still managed to have entrepreneurial spirit and started a small business. Difficult living conditions, poor income, and desire to succeed in life led him to move from Terjola (a district of his origin) to Kutaisi. There he rented a place to live and operate a small business in. His first business comprised of a construction material retail shop which he managed to run quite successfully. That is when Mr.Tsintsadze received his first 500USD business expansion loan from Credo, and after over 7 years and 30 000USD loan later, he significantly improved his financial conditions and became the owner of couple business spaces and businesses. Currently he runs a construction material shop, a fence production workshop, and is a construction wholesale dealer of imported Turkish and Ukrainian construction materials. And most importantly his businesses employ 7 people. His living conditions have improved in parallel to his financial growth. He now owns a flat, a car, is married, and has 2 children. In appreciation to Credo’s support, he has recommended more than 5 good clients to us. By helping clients like Mr. Tsinadze, we emphasize our belief and trust in hard-working, entrepreneurial people and their ability to succeed in life. Zaza Chincharauli
Agriculture loans represent one of the most essential VF Credo products geared towards supporting rural residents. Since the collapse of the Soviet Union, rural population of Georgia found itself on the edge of poverty and in need of outside assistance. Mr. Zaza Chincharauli is one of those residents. He moved from Tianeti, a mountainous region of Georgia, to Giorgitsminda, a small village next to capital Tbilisi in order to start his own business and support the family in Tianeti. To bring his dream of starting a cattle breeding and retail business into fruition, he needed a small loan, however was turned down by virtually all financial institutions. That’s when Mr. Chincharauli was approved for a business expansion loan at Credo. With the loan, he purchased additional cows and animal feed for upcoming winter. As his business strengthened financially, he renovated his small house and reunited with the family. Mr. Chincharauli and family live blissfully, not troubled with hunger nor health, and with desire to become successful milk producers in the region. They know that VF Credo will always support their entrepreneurial ideas. VF Credo’s mission is to provide sustainable financial services to poor with a preference for rural activities in order to create employment and income opportunities for them. Mr. Chincharauli is a vital example of our beneficiaries who built meaningful and self determined livelihood by decreasing vulnerability Gocha Gogitidze
Gocha Gogitidze is one of our seasonal loan receivers living in a picturesque seaside village of Gonio. He and his family, like most of the residents of such places, are involved in the family guesthouse business and depend on tourism season to provide income for the rest of the year. The Gogitidze family wanted a loan in order to renovate and promote their seaside guesthouse. Due to his unfavorable financial situation, Mr.Gogitidze was not able to secure a loan from any other loan-provider, including Banks and MFIs. Credo was his last hope. He received his first loan from Credo with which he improved basic infrastructure of the house. With the second loan, he added more rooms and bathrooms to the house and used his last loan to purchase decorative supplies. His efforts and hard work paid off and his cozy and attractive guesthouse awaits tourists for the upcoming season. The Gogitidze family has high hopes and believes that their family of 5 won’t face any financial problems for the next year. By helping such clients, Credo serves as a leading force in development of tourism in rural areas of Georgia. Our Loan Officers do client’s business analysis, help in preparation of costs and conduct monitoring activities on a monthly basis. These and many other such activities highlight Credo’s commitment to being in service to clients, decreasing unemployment and increasing incomes |
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Tourism expansion has a great potential and can significantly contribute to economic development of Georgia. In order to stimulate sustainable tourism development through local entrepreneurship particularly in rural areas of the country, VF Credo issues seasonal tourism loans to small businesses and house rent in seaside and mountainous resorts.