A loan of $5,000 helped to purchase shoes for resale.

Edgar's story

Edgar is 28 years old. He lives in the Akhalkalaki District with wife and two children (5 and 6 years old). Edgar has requested a loan from a local financial institution several times for a family business start-up, without any success. His loan request was rejected each time, because of his low income and family’s poor living conditions.

Edgar used to have a mini-bus and transported cargo to the capital city. He was also involved in spice and seeds trading at the local open market, but the business was stopped because of financial problems. Edgar went abroad to find a suitable job there but his trip was unsuccessful and he came back to his district and decided to start a new business. Edgar purchased a well equipped store at the local open market and plans to set up a shoe store.

His loan request was approved by a new joint initiative of Kiva and Credo. Start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to country rural poor, which do not have access to credit products, being regarded as “high risk borrowers” because of low income. With the received loan Edgar will purchase a large variety of shoes as competition is high in the region and business won’t be successful if he doesn't have a wide choice. The new business initiative, financed with the Kiva Start-up loan will significantly increase the family income and Edgar will be able to renovate his house, which is old and damaged.

Loan details

Lenders and lending teams

Loan details