A loan of $625 helped to purchase a horse for the transportation of wood.


Irma's story

Irma is 28 years old. She lives in Akhmeta District with her husband Soso and her 72-year-old father-in-law. Irma 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.

The only source of income for the family is the monthly pension of Irma’s father-in-law and the small income earned by Soso, working as an agricultural worker in the village. It totals 250 Laris per month. It is hardly enough for food for a three-member family. According to Credo estimations the family belongs in the subsistence poor category.

Irma requested a loan from Credo to restart the family business, which was stopped recently because of financial problems. Her loan request was approved in the frame of a new joint initiative of Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-start-up credits with soft conditions to the country's rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received credit Irma will purchase a horse. Soso and Irma will go to the local forest and bring wood from the forest on the horse. They will sell the wood in the village and earn an income. The wood is mainly used by the village population in ovens to heat the houses and cook. The new business initiative will increase the monthly income of the family by 150 laris, which will mean a 60% increase. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of the family.



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Loan details