A loan of $600 helped to purchase clothing for resale.


Makvala's story

Makvala is a 60-year-old widow who lives in Surami with her son, daughter-in-law, grandson and retired mother-in-law. Several times, Makvala has requested loans from local financial institutions for her trading business start-up, but without any success. Her loan request was rejected each time because of her low income and the lack of experience in her new business, which is usually demanded by local credit providers. The only source of income for the family is the small monthly income earned by Makvala, who is involved in the food trading business. She buys pies from the local bakery and sells them at the railway station for a profit. According to the government's estimations, the family belongs to the vulnerable poor category and they get monthly social assistance. Makvala requested a loan from Credo to start up her own business and sell clothing herself. Her loan request was approved in the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages the provision of business start-up and re-startup credits with soft conditions to the country's rural poor, who do not have access to credit products, for they are regarded as “high risk borrowers” because of low income. Makvala will purchase clothes for wholesale prices and resell them in her district for a profit. It will be hard work for Makvala, but according to estimations, her business will be profitable and will increase the income of the family. The increased profit will be reinvested in the business to increase her stock and sales volume. Makvala awaits your support.



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