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Armenia > Nor Horizon Universal Credit Organization Limited Liability Company

“Nor Horizon” UCO LLC is a for profit, regulated, non deposit taking entity, established in 2006 in order to carry out micro lending activities in the distant regions of Armenia. The clients of “Nor Horizon” were micro-scale entrepreneurs in urban and rural areas involved in retail trading, small-scale manufacturing, processing, services, land cultivation and animal breading.

Mission

To promote poverty alleviation in Armenia, economic free and fair competition in the field of small and middle scale entrepreneurship through economic activity, to promote provision of availability of identity of financial services in far and border areas.

Vision

Become the best national Armenian micro-finance institution by providing high-quality financial and other business development services to enterprising individuals, who have strong will to establish and develop their own small-scale businesses, in underserved rural and urban markets.

Objectives
• To enable marginalized and poor people to achieve sustainable livelihoods
• To increase the ability of poor people to engage in productive activities and generate secure livelihoods through access to local and regional markets
• To involve poor people in business activities and to create sustainable income sources, to ensure community development and to facilitate refugees’ integration with the local population through creation of equal opportunities for access to market
• To promote close cooperation with all individuals, groups, associations and organizations willing to support the accomplishment of these objectives

History

Nor Horizon was originally started by Oxfam (Great Britain) in late 1995, as the Armenia Branch micro credit program. At that time, the organization was working in six regions through two local Non-Governmental Organizations (NGOs). The program targeted the vulnerable strata of Armenian population, mainly refugees, women headed households and local vulnerable people (especially unemployed women, families with more than one child, disabled people, women from the earthquake zone and families with elderly dependants).

At the end of October 2002, the existing micro credit program of Oxfam Great Britain - Armenia was registered with the state as an independent, non-commercial organisation named “Horizon” Fund. During the period from November 2002 till December 2006, Horizon Fund was acting as a microfinance institution and disbursed more than 11,500 loans to about 4,500 clients in the amount of 4,639,565,000 AMD (approximately 12,800,000 USD).

At the end of 2005, the National Assembly of Armenia adopted a law to supervise financial institutions and required all institutions to change legal status to comply with the law. So beginning in early 2006 “Nor Horizon” LLC was established and licensed under supervision of Central Bank of Armenia. Currently, Nor Horizon has 4 branches and 2 representation offices in the regions where formerly Oxfam program and then Horizon fund were working. ”Nor Horizon” UCO LLC is member of local and international associations, such as Microfinance Center, Association of Credit Organizations of Armenia and Association of Mortgage Market Participants of Armenia. Nor Horizon is one of the four original founders of the local association.