A loan of $5,000 helped to buy a shop.

Irina's story

Irina is 44 years old. She lives in Borjomi District with her mother, who is provided with a retirement pension. Irina requested loans from local financial institutions several times for family business start-ups, but without any success. Her loan request was rejected every time because of low income and her family's poor living conditions.

The only source of income for the family is Irina's monthly income. She works as a shop assistant. It is hardly enough for food for the family. According to Credo's estimates, the family belongs to the subsistence poor income category.

Irina requested a loan from Credo to restart a family business, which had recently been stopped because of financial problems. Her loan request was approved in the framework of a new joint initiative by Kiva and Credo. The start-up loan program envisages a provision for business start-ups and re-startup credits with soft conditions for the country's rural poor, who do not have access to credit products as they are regarded as “high risk borrowers” because of their low income.

With the received credit, Irina will purchase the shop where she works as an assistant. The current owner decided to sell the shop and move to a new residence. After Irina officially registers the shop, she will continue working there. Owning the shop will increase the income of Irina's family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of Irina's family.

Loan details

Lenders and lending teams

Loan details