A loan of $2,300 helped to purchase a car for trade business start-up.


Sopio's story

Sopio is 27 years old. She lives in village Ude, South Georgia with her husband George and her 5-year-old son. Sopio requested a loan from local financial institutions several times for trade business start-up, but without any success. Her loan request was rejected all the time, because of insufficient current income of the family.

The only source of income for the family is small scale agricultural activities. They have a plot of land, where they grow vegetables. Sopio sells harvested products on the local open market. Their average monthly income totals 500 Laris. According to Credo estimations, the family belongs to the subsistence poor category.

Sopio requested a loan from Credo to start-up a trade business. She will purchase a car, take clothing and family goods from Tbilisi (capital city of the country) wholesale markets and sell them in her and nearby villages with a price mark-up. 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. The new business initiative will increase the monthly income of the family by 200 laris and the business won’t have a seasonal character. The family will be able to improve their living conditions.



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Loan details