Silva M. is from the villiage of Saralandj in Shirak Marz in the Republic of Armenia. She is an accountant by training with a high school education. Silva is married with a daughter and 2 sons. She has other relatives in the town of Artik who she helps by providing fresh vegetables. She has been involved in agricultural work for over 18 years and enjoys working with the land. Currently her daughter studies at the State University of Yerevan in the capital of Armenia. Her 2 sons are studying in primary school. It has been difficult for Silva to raise the investment required to grow her small livestock and vegetable production business and support her childern’s education. Therefore, Silva is looking for an $800 loan to increase the number of cattle and purchase seed. From her business plan she is expecting a 20% increase in her income with the increase of her livestock and vegetable growing businesses. This additional income will allow her to continue supporting her daughter’s education. Silva is fond of her village, Saralandj, where she was born and is fortunate to have most of her closest relatives living near her family.
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.