Funded

Total loan: $1,500
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Mariam

Georgia
Kutaisi, Georgia / Beauty Salon

A loan of $1,500 helped to purchase a special apparatus for cleaning the face.


Mariam's story

Mariam is 21 years old. She lives in Kutaisi District with husband and infant daughter. Mariam requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected every time because of low income and the family’s poor living conditions.

Mariam’s husband works at a private company as a distributor and earns a small monthly income. It is hardly enough to provide food for the family. According to Credo's estimations, the family belongs to the subsistence poor category.

Mariam requested a loan from Credo to start up a family business. Mariam 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 this credit, Mariam will purchase a special apparatus for cleaning the face. As she is a cosmetologist, she plans to work at a local beauty salon as she will purchase the needed equipment. She thinks that business will be profitable as the beauty salon is very popular in Kutaisi. The new business initiative, financed with the Kiva Start-up loan will significantly increase the income of their family and they will be able to improve the living conditions of their infant daughter.



Loan details

Loan length:

21 months
Disbursed date: May 20, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo

Lenders and lending teams



Loan details

Loan length:

21 months
Disbursed date: May 20, 2013
Facilitated by Field Partner: LLC Micro Finance Organization Credo