A loan of $2,500 helped to purchase a stock of groceries for his grocery store.


Mkrtich's story

Mkrtich is 40 years old. He lives in Akhaltsikhe District with his parents, two children and wife. Mkrtich 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.

Mkrtich’s father serves the local people as a taxi driver and gets a small monthly income, and his mother is provided with a retirement pension. Mkrtich has a grocery store locally. There is hardly enough food for the family. According to Credo estimations the family belongs to the subsistence poor category. His loan request was approved in the framework of the new joint initiative of Kiva and Credo.

The start-up loan program envisages provision of business start-up and re-startup credits with soft conditions to the country rural poor, who do not have access to credit products, being regarded as “high risk borrowers” because of their low income. With the received credit, Mkrtich will purchase a stock of groceries for his grocery store. After the stock is purchased he will be able to offer more varieties of products to his customers. As the customers will be more satisfied, he will increase his income and will reinvest in the same business. The new business initiative, financed with the Kiva Start-up loan will significantly improve the living conditions of the family.



Loan details


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Loan details