Samvel M. is from the village of Arevshat in the Shirak region of Armenia. He is an honest hardworking person with 20 years of experience in farming. Samvel is married with three children. He has two daughters (10 and 11 years old) and a 7-year-old son.
Samvel wishes some day to save enough funds to renovate the family house. He is seeking a loan to purchase fertilizers to expand his vegetable growing business. With the loan, Samvel expect to increase the family income by 25%. Both Samvel and his wife like living in Arevshat because they are close to all their friends and extended family. In addition to supporting his family, Samvel also helps his sick aunt with vegetables grown on his farm. He expects success in his business due to his skills and the good quality of his farmland.
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.