US-backed Geo Capital opens head office in Kutaisi
Author: By Tamar Khurtsia
On April 30, just a year after launching its operation in Georgia, GeoCapital, internationally-backed microfinance organization with American management in place, opened its head office in Kutaisi, the soon to be home of the Georgian parliament and the second largest city in Georgia. The company’s officials believe that GeoCapital’s competitive rates and friendly customer service have helped fuel their growth.
According to Ralph Bartleson, the Chairman of GeoCapital, they have chosen Kutaisi over Tbilisi for several reasons including Kutaisi’s central geographical location, which makes it “an ideal” place to serve both Eastern and Western Georgia. In addition, he noted, the medium size of Kutaisi makes their operational logistics easier.
“The city [of Kutaisi] has an untapped workforce that is well-educated, motivated and excited to work in an organization like GeoCapital,” he said at the opening ceremony, “We are delighted to be part of Kutaisi today and are excited to be part of Georgia’s tomorrow.”
Representing the largest direct US investment in Kutaisi, GeoCapital’s goal is to provide small loans and financial education to individuals across all regions of Georgia. The company launched its operation in January 2011 and has already invested about $3 million. The plan is to increase this amount to about $6 million by the end of this year. Moreover, in 2013 GeoCapital plans to grow its investment volume to about $20 million.