A loan of $1,500 helped to start trading in clothes.


Ararat's story

Fifty-two-year old Ararat lives in Akhalkalaki district with his wife and son. Ararat 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 low income and the family’s poor living conditions. The main source of the income for the family is from trading in vegetables and greens. They have a counter at the local market and sell the products themselves. Their additional income is Ararat’s son’s monthly salary; he is working at the local beer factory. Ararat requested a loan from Credo to start up a family business. Ararat 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 his credit, Ararat will start trading in clothes. He will purchase clothes at wholesale prices and resell them from his counter at the local market. Ararat wants to develop his trading business and purchase good varieties of clothes in order to satisfy clients' needs more. He and his wife will be working as sellers in order to decrease the expenses. The family will have an increased income and will be able to improve their living conditions.



Loan details


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Loan details