Aghavni A. lives in the Shirak region of Armenia in the village of Arapy. She is especially proud of her three children – 2 daughters (15 and 19 years old) and her 17 year old son. Over the past ten years Aghavni has been engaged in raising livestock and growing vegetables and wheat. She chose this business because agricultural production is the main economic opportunity in Arapy. She wants a loan to purchase fuel for the wheat harvest and for cattle feed. Aghavni expects this expansion of her business to increase the family income by 25%. With these funds she will be able to pay the tuition fees for her children’s education. Aghavni really enjoys living in Arapy and is fortunate to have many friends and family as neighbors. With success she intends to continue growing her business.
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.