A loan of $1,225 helped to start a new business by purchasing and selling groceries.


Vitali's story

Vitali is 54 years old. He lives in the small village of Sachkhere District with his wife.



The only source of income for his family is from agricultural activities. They have a milking cow, whose milk is used for cheese products. In addition, they have a plot of agricultural land, where they grow walnut trees. They sell the harvested walnuts and cheese locally, but it is hardly enough food for the family. According to Credo estimates, the family belongs to the subsistence poor category.



Vitali has requested loans from local financial institutions on several occasions for a family business start-up, but without any success. His loan requests were rejected each time because of his low income and the family’s poor living conditions.



Vitali requested a loan from Credo for a start-up family business. Vitali has now been approved for a loan within the framework of the new joint initiative between Kiva and Credo. The start-up loan program envisages providing business start-up and re-startup loans to poor rural people, who do not have access to credit. These poor rural people, Vitali included, are regarded as “high-risk borrowers” because of their low income. With the loan proceeds, Vitali would like to begin trading groceries. Specifically, he plans to purchase a stock of groceries in Sachkhere and to then re-sell the groceries for profits from his home. He expects that the loan will allow him to increase the family's income. As a result, he believes that the new business initiative, financed with the Kiva start-up loan, will significantly improve his family's living conditions.



Loan details


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Loan details