Parandzem M. is from the village of Arapni in the Shirak region. She is married with two children – a 25-year-old daughter and 28-year-old son. She has been working intensively in cattle breeding for the past ten years. Thorough her hard work she has now developed a successful microbusiness. She has built a high quality cattle shed, which has improved the quality and health of her animals.
At this time, Parandzem would like to expand her business. She is looking for a loan to purchase additional fuel and quality feed. She expects her business income to grow by 25 per cent with this loan. It is Parandzem’s dream to open a grocery shop in her village and she is always saving small amounts of money for this. Microfinance funding is convenient because she can receive services in her village of Arapni. Parandzem enjoys life in Arapni with her friends and 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.