A loan of $600 helped to purchase clothing to resell.

Gela's story

Gela is 44 years-old, married and lives with his wife and four minor children. Several times, he has requested loans from local financial institutions for his trading business start-up, but without any success. His loan requests were rejected each time because of low income and the family’s poor living conditions. The only source of income for the family is the small monthly salary earned by Gela working as a miner. As well, Gela’s wife gets a relevant pension from the local government as she is a mother of many children. The income is enough only for food for the six member family.

Therefore, Gela and his wife requested a loan from Credo to start a clothing sales business. His loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisions the provision of business start-up and re-startup credits with reasonable conditions for the country's rural poor who do not have access to credit products, being regarded as “high-risk borrowers” because of low income. Gela will purchase clothes at wholesale prices and resell them in his district for a profit. It will be hard work for Gela and his wife, but according to estimates, their business will be profitable and will increase the income of the family. The increased profit will be reinvested in the clothing trading business to increase the stock and sales volume. Gela’s family will be able to increase their spending to satisfy their daily needs and improve their living conditions.

Loan details

Lenders and lending teams

Loan details