Samvel M. is a long term resident of the Kaps village located in the Shirak region of Armenia. He has been engaged in cattle breeding and growing vegetables for over twenty years. He is happily married with three children; a 7-year-old daughter, a 14-year-old daughter, and an 8-year-old son. He supports his brother in Gyumri with vegetables and meat from his farm. He would like a loan to purchase additional cattle and fertilizers. By growing his business he is expecting the family income to increase by 20%. The additional funds will be used for home and farm renovations and supporting the education of his children. Samvel particularly enjoys living on a farm and the beautiful environment of the Kaps area. Most people of Kaps are engaged in agricultural production and Samvel has many close relatives nearby.
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.