A loan of $600 helped to begin a trade in clothing and bedclothes.

Irma's story

Irma is 43 years old. She lives in the small village of Tsageri District with her parents, who are provided with a retirement pension. Irma requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of her low income and the family’s poor living conditions.

The only source of the income for the family is the monthly retirement pension of her parents. It totals 220 Laris per month. It is hardly enough for food for the family. According to Credo estimations, the family belongs to the subsistence poor category.

Irma requested a loan from Credo to start up a family business. Irma 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-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 her credit, Irma will begin a trade in clothing and bedclothes. She plans to purchase clothing and bedclothes in Turkey and then resell them among her villagers at a higher price. This will increase the income of the family. 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