A loan of $1,050 helped to pay for spare parts for his truck.

Lado's story

Lado is 47 years old. He is married and lives with his family: his wife, Olja, two daughters (19 and 17 years old), and an 8-year-old son. His eldest daughter is a student, and their son goes to school. The family has one hectare of land. Lado and Olja grow potatoes on their land and sell the harvest locally to retailers. The main source of the income for the family used to be a truck owned by Lado. He was busy with the transportation of various goods and worked when he had orders. Recently, the truck got out of order, and Lado had to stop his operations. Right now, the total average monthly income for the family is 300 Laris. According to Credo estimations, the family belongs to the substantially poor category.

At the moment, Lado’s truck is out of order and needs a serious renovation. He has requested a credit for purchasing spare parts for his truck. His loan request was approved in the frames of a new joint initiative of Kiva and Credo. The start-up loan program provides business start-up and restart-up credits with soft conditions to the country's rural poor, who do not have access to credit products, because they are regarded as “high-risk borrowers” due to their low income. With the received credit, Lado will purchase spare parts for his truck and change the damaged ones. Afterwards, Lado will be able to re-start his transportation service and receive income, which will then be used for financing the education of his children as well as improving the living conditions for his family. The income of the family will increase by 300 – 400 Laris, which will mean a 100% – 125% increase. In addition to the above mentioned, the family will have enough income to access regular credit products that are available on the country’s capital market in case they need them.

Loan details

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Loan details