Nanar G. resides in the village of Vahramaberd in the Shirak region of Armenia. She is a proud resident of Vahramaberd and has a reputation as a disciplined hard worker. Nanar has diversified her wheat growing business by also renting a small shop for retail trade. She had a particular need to fund the tuition costs of college for her son and daughter. Nanar also has a second daughter in the sixth grade.
With a loan Nanar will increase the inventory of her small retail store and also use some of the funds to harvest the wheat crop. She is planning to increase the family income by 15% with the loan. The expected profit has been earmarked for the children’s education. She considers herself lucky to be surrounded by her extended family in Vahramaberd.
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.