A loan of $4,000 helped to purchase a car and work as a taxi driver.

Harutiun's story

Harutiun is 29 years old. He lives in the Akhalkalaki District with his wife, two children and parents, who are provided with a retirement pension. Harutiun requested loan from local financial institutions several times for a family business start-up, without any success. His loan request was rejected, because of low income and the family’s poor living conditions.

The only source of income is a small monthly salary earned by Harutiun’s wife working as a teacher at a local school. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Harutiun requested a loan from Credo to start-up a family business. Harutiun has now been approved for a loan within the framework of the new joint initiative of Kiva and Credo. The start-up loan program envisages provisions of business start-up and re-startup credits with soft conditions to rural poor people, who do not have access to credit products. These rural poor people are regarded as “high risk borrowers” because of their low income. With his credit Harutiun will purchase a car. After purchasing a car, he plans to serve local people as a taxi driver and earn an income. 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