A loan of $5,000 helped to re-start the chemist's at the local hospital.

Harutiun's story

Harutiun is 45 years old. He lives in Akhalkalaki District with his wife, two children and his mother. His mother is provided with a retirement pension.

Harutiun requested a loan from local financial institutions several times for family business start-up, but without any success. His loan request was rejected all the time, because of low income and the family’s poor living conditions.

The only source of income for the family is the monthly pension of Harutiun’s mother and a small income earned by his wife, working as saleslady at a local chemist's. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence-poor category.

Harutiun requested a loan from Credo to re-start the family business. His loan request was approved in the framework of a new joint initiative of Kiva and Credo. this start-up loan program envisages provision of business start-up and re-start up credits with soft conditions to country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of low income.

With the received loan, Harutiun will re-open a chemist's at the local hospital, which was closed after the hospital administration changed. Nowadays, he has an agreement with the new administration to open the chemist's again. He will purchase medicines and inventory for starting the business. The new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions of the family.

Loan details

Lenders and lending teams

Loan details