A loan of $1,825 helped to purchase grocery stock to open a grocery shop.

Bakar's story

Bakar is 62 years old. He lives alone in the village of Matani, Akhmeta District. Bakar has requested a loan from local financial institutions several times for family business start-up without any success. His loan requests are rejected all the time because of his low income and his family’s poor living conditions. The only source of income for Bakar is his monthly pension.

Bakar requested a loan from Credo to start-up a family business. Bakar 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 restart-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.

Bakar will purchase grocery stock to open a grocery shop with his credit. He already has a commercial space where he will open a shop. After purchasing the grocery stock, Bakar will work in the shop as a seller himself. This will decrease his expanses and increase the profit. He will reinvest part of the profit in the same business and use another part to improve his living conditions.

Loan details

Lenders and lending teams

Loan details