A loan of $2,500 helped to purchase new essential equipment and a vacuum cleaner to re-start a car wash.

Hayk's story

Hayk is 47 years old. He lives in Akhalkalaki District with his wife Irina and two children, who go to local school. Hayk requested loans from local financial institutions several times to start a family business, but he did not have any success. His loan request was rejected each time because of low income and his family’s poor living conditions.

Nowadays, the family is without stable income. Irina is involved in a cosmetics trading business. In particular, she purchases cosmetics at wholesale prices and then resells them at a higher price to local people, making approximately 200 lari per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Hayk requested a loan from Credo to re-start a family business. His loan request was approved through a new joint initiative between Kiva and Credo. The start-up loan program envisages provisions for starting and re-starting businesses, targeting the rural poor, who do not have access to credit products due to being regarded as “high risk borrowers” because of low income. With the loan, Hayk will re-start a car wash, which was closed. He will purchase the new essential equipment and a vacuum cleaner. Hayk will continue providing services to his local community members and hopes to increase the monthly income of his family. The new business initiative, financed with the Kiva start-up loan, will significantly improve the living conditions of his family.

Loan details

Lenders and lending teams

Loan details