Lusine S. is a seasoned farmer from the village of Ghazanchi in the Shirak region of Armenia. She is married with a 16-year-old daughter and an 18-year-old son. She is particularly proud of her children’s desire to study at the university in the city of Gyumri (Armenia).
With this in mind, Lusine has planned to expand her cattle breeding business with a loan. She is expecting to purchase additional calves. This business investment can increase the family income by around 30%. Much of the additional funds will be saved to support her children’s university education. Lusine’s dream is to be able to purchase a family home in Gyumri for her children during their university studies. With twenty years of cattle breeding experience, she is confident that her business plan will be successful.
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.