A loan of $450 helped to purchase all the equipment required to open a beauty salon.


Madona's story

Madona is 38 years old. She lives in Kobuleti district with her 43-year-old husband Edward, retired mother in-law and an infant child. Madona has requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected each time, because of their low income and the family’s poor living conditions. Madona’s husband Edward is an artisan and works on private orders to get a small monthly income. Their additional income is Edwards’s mother’s pension. Madona has requested a loan from Credo to start-up family business. 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, being regarded as “high risk borrowers” because of low income. With the credit received, Madona will purchase all the equipment required for a beauty salon. She has rented a commercial space and will hire professionals to start a business. The rented space is in a crowded area and Madona hopes that it will attract good numbers of clients and will bring a good profit. The new business initiative, financed with the Kiva start-up loan, will significantly increase the family's income and improve the living conditions of the family.



Loan details


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Loan details