Telman V. is from the village of Karnout in the Shirak region of Armenia. He is married with four children. Telman has two daughters (ages 20 and 22) and two sons (ages 25 and 28). He has been engaged in agricultural production for the past 20 years. He considers himself a hard worker and has developed a successful business raising cattle and growing vegetables. He dreams to create a wholesale agricultural production farm to service the big cities someday. Currently Telman is seeking a loan to grow his small vegetable business by purchasing fertilizer. He is expecting his income to increase by 10% with the loan. He and his family really enjoy life in Karnout and, with continued business success, plan to permanently live here. With the loan terms he has received he is optimistic his business plan will succeed.
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.