Total loan: $1,200
Kutaisi, Imereti, Georgia / Clothing
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A loan helped To start trading in clothing.
Thirty-two-year-old Ekaterine lives in Kutaisi district with her 54-year-old father, Rolandi. Ekaterine requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time because of low income and the family’s poor living conditions. Ekaterine’s father is an artisan. He is working in construction and on house renovations on private orders. He earns about 250 GEL (Georgian Lari) per month, which is the only source of living for the family, and it’s rarely enough for food for them. Ekaterine requested a loan from Credo to start up a family business. Ekaterine 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 her credit, Ekaterine will start trading in clothing. She will purchase clothes from Turkey at the wholesale price, bring them to her district and sell them with the price markup among the villagers. With this business, Ekaterine will earn a good profit, and she will be able to improve the family's living conditions. Part of the profit, she will use for reinvesting in the same business and try to expand it more.