A loan of $5,000 helped to start a condensed milk production business.

Ilia's story

Ilia is 49 years old. He lives in Tbilisi, the capital city of Georgia with his wife and two sons. Ilia requested a loan from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected all the time, because of his low income and the family’s poor living conditions.

The only source of income for the family is his wife's small monthly salary from her work as a cook at a local restaurant. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Ilia requested a loan from Credo to start-up a family business. Ilia 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 provision of business start-up and re-start-up 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 Ilia will start a condensed milk production business. He will purchase all the needed equipment and raw materials for producing condensed milk. He will also provide a supply of the product to local markets. 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