A loan of $1,525 helped to purchase a minibus to haul scrap iron.

Ramin's story

Ramin is 22 years old. He lives in a small village of the Zestaponi District with his wife and grandparents, who are provided with a retirement pension. Ramin requested loans from local financial institutions several times for a family business start-up, but without any success. His loan request was rejected because of low income and the family’s poor living conditions.

The only source of income for the family is from agricultural activities. In particular, they have 4 milking cows, whose milk is used in cheese production. They sell cheese at local markets. Besides, they have 0.8 hectare of agricultural land. It is hardly enough to provide food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Ramin requested a loan from Credo to start-up a family business. Ramin 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 Ramin will purchase a minibus. After purchasing a minibus, he will gather scrap iron from his village and then he will deliver it and earn money from it at the scrapyard. This will increase the income of his 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