Davit Malkhasyah is from the village of Lernakert in Shirak Marz in the Republic of Armenia. He is a mechanic by training and is married with a daughter and 3 sons. He tries to help his less well-off relatives with some of the produce he grows. He has been involved in agricultural work for 19 years and considers himself a self-reliant, honest worker. He was born in Lernakert and has strong ties to his family and fellow villagers. He is looking for a loan to raise cattle and grow vegetables. He will use the loan proceeds to purchase livestock, feed and seed. This loan will allow him to continue to grow his small business. He expects to increase his monthly income by 30% with the loan and will use some of the proceeds to expand his cowshed and do some minor repairs in his house. The remaining part of his additional income will go back into his business to improve its sustainability.
About AREGAK Universal Credit Organization
In 1997, United Methodist Committee on Relief (UMCOR) established the AREGAK microfinance program with the aim of creating economic opportunities for low-income people who lack or have limited access to formal financial services, especially in remote rural areas. The microfinance program rapidly became one of the largest microfinance institutions in Armenia in terms of the number of active clients and portfolio size.
In 2006, AREGAK UCO was registered as a universal credit organization structured as a closed joint stock company with UMCOR as the sole shareholder.
Today, AREGAK UCO provides a broad range of financial services to the population without compromising the social aspects of its mission. It continues pursuing initiatives geared toward the fulfillment of its ethical principles. To learn more about AREGAK UCO, visit its Kiva Field Partner page.