Knarik M. lives in the village of Arapi in the Shirak region of Armenia. Even though Knarik has a college education, economic opportunities were very limited and she chose agriculture for self employment. For the past 22 years, Knarik has been engaged in livestock production and wheat production.
She is married with two sons aged 20 and 22 years old. As she values education, she is particularly keen to have her children continue their studies. She is seeking a loan to purchase fuel and to rent equipment to organize the wheat harvest. With the loan she expects the family income to increase by 20%. These funds will be dedicated to her children’s college tuition and repairing their house. Knarik enjoys working on the land and especially enjoys living so close to nature.
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.