A loan of $5,000 helped to open a car service center.


Armen's story

Armen is 28 years old. He lives in Bolnisi district with his parents. Armen 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 family’s poor living conditions.

Armen has a grocery shop and he earns small daily income for the family. He also trades fruits and vegetables. His mother has a health problems and she is getting a monthly pension from government institutions.

Armen requested loan from Credo to start-up a family business. Armen 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 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 Armen will open a car service center. He will purchase all the needed materials to build the center and also the equipment for it. Armen is a car artisan and wants to start his new business. As he is well known among the villagers he will have good numbers of clients and earn additional income for 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