A loan of $3,000 helped to renovate an apartment to rent out.

Lia's story

Thirty-three-year-old Lia lives in Batumi district with her retired mother and 61-year-old father. Lia requested a loan from local financial institutions several times for a family business start-up, but without any success. Her loan request was rejected all the time, because of her low income and her family’s poor living conditions.

Lia is a teacher. She is working at the local school as a Georgian language teacher on a small monthly salary. The family gets additional income from Lia’s father’s monthly salary and her mother’s monthly pension.

Lia requested a loan from Credo to start a family business. Lia 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 her credit, Lia will renovate an apartment to rent out. She has a space in a good area in a town. As Batumi district is becoming a very popular tourist area, there are more tourists every year spending their vacations there. Lia hopes after renovation is done, she will have no problem findung a renter immediately, to 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