Georgian minorities prosper through business loans
Elza, 34, has been running her shop for the last three years. “I trade with clothes, shoes and DVDs,” explains the mother of three children. As most of the inhabitants of Gali, Elza is Mingrelian and thus belongs to the Georgian minority in Abkhazia.
“A flyer presenting the offering of loans was distributed in the Gali market. I decided to seize this opportunity along with two friends of mine,” says Elza.
Thanks to the loan, her monthly sales have increased to approximately 50,000 rubles (US $2,040).
I hope to expand my business. After the end of the period, I will apply to World Vision for a bigger loan.
Elza believes her family’s financial situation will improve more in the future, as she plans on applying for a second loan soon.
“I hope to expand my business. After the end of the period, I will apply at World Vision for a bigger loan,” she says with self-confidence.
For now, she and her husband make ends meet by combining their incomes; he is hired as a construction worker.
Elza is one of many women who are clients of MCP, which is very popular in Gali. “We have given loans to 300 clients in Gali since the beginning of the project in September 2005. Seventy percent of all the clients are female,” explains the Loan Officer Niko Kvekveskiri.
We have given loans to 300 clients in Gali since the beginning of the project in September 2005. Seventy percent of all the clients are female.
The credits are granted within a period from three to eight months to groups between three and six business people. The amount of the first loan is up to US $400 dollars. The second loan can increase up to US $600.
To meet loan requirements, all applicants must have their business legally registered and have working experience of at least six months. Moreover, they have to sign up for a guarantee in case they cannot pay the loans including the monthly interest rate back on time. “Until now we have had 100 percent repayment,” says Niko, who would like to promote the agricultural section within the MCP.
“A flyer presenting the offering of loans was distributed in the Gali market. I decided to seize this opportunity along with two friends of mine,” says Elza.
Thanks to the loan, her monthly sales have increased to approximately 50,000 rubles (US $2,040).
I hope to expand my business. After the end of the period, I will apply to World Vision for a bigger loan.
Elza believes her family’s financial situation will improve more in the future, as she plans on applying for a second loan soon.
“I hope to expand my business. After the end of the period, I will apply at World Vision for a bigger loan,” she says with self-confidence.
For now, she and her husband make ends meet by combining their incomes; he is hired as a construction worker.
Elza is one of many women who are clients of MCP, which is very popular in Gali. “We have given loans to 300 clients in Gali since the beginning of the project in September 2005. Seventy percent of all the clients are female,” explains the Loan Officer Niko Kvekveskiri.
We have given loans to 300 clients in Gali since the beginning of the project in September 2005. Seventy percent of all the clients are female.
The credits are granted within a period from three to eight months to groups between three and six business people. The amount of the first loan is up to US $400 dollars. The second loan can increase up to US $600.
To meet loan requirements, all applicants must have their business legally registered and have working experience of at least six months. Moreover, they have to sign up for a guarantee in case they cannot pay the loans including the monthly interest rate back on time. “Until now we have had 100 percent repayment,” says Niko, who would like to promote the agricultural section within the MCP.
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