A loan of $2,500 helped to open a used clothing shop.

Madona's story

Madona is 27 years old. She lives in Batumi District with her husband, two children and father-in-law. Madona requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan requests were rejected all the time because of low income and the family’s poor living conditions.

Madona has been renting out a commercial space, which is the only source of income for her family. It is hardly enough for food for the family. According to Credo estimations the family belongs to the subsistence poor category.

Madona requested a loan from Credo to start-up a family business. She has now been approved for a loan within the framework of a new joint initiative between Kiva and Credo. The start-up loan program envisages provisioning business start-ups and re-startups with credit on 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, Madona will open a used clothing shop. She has space on the first floor of her house, where she will open a shop for used clothing. This will increase the income of their household. This new business initiative, financed with the Kiva Start-up loan, will significantly improve the living conditions for the family.

Loan details

Lenders and lending teams

Loan details