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Hrachya B. is from the village of Karnout in the Shirak region of Armenia. He is a mechanic by training with a high-school education. He is married with two children, a daughter and a son. He is a self-taught farmer engaged in agricultural activities for over 10 years. His private financial means are not sufficient to fund the growth of his business and therefore Hrachya has applied for a business loan. His main business activities include growing vegetables and raising cattle. A loan will enable him to purchase fertilizers, fuel and seeds.

With this business investment Hrachya expects his family income to increase by 5%. In addition, a business loan facilitates his business planning because he knows he has access to financial resources.

Hrachya’s dream is to save enough money to purchase a new home in his village for his family. He particularly enjoys living in Karnout. He has many relatives in Karnout, the air is clean and the village people are friendly and sincere.

Additional Information

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.

About Armenia

  • $6,300
    Average annual income
  • 133
    View loans »
    Armenia Loans Fundraising
  • $14,314,150
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD