Gevorg N. is from the town of Artik in the Shirak region of Armenia. Gevorg’s goal is to provide a university education for his seventeen year old daughter and nineteen year old son. He would also like to fulfill his wife’s dream to renovate the family home.
To meet these goals, Gevorg would like to expand his furniture production business. He has been in this business for eleven years, running the company since his father’s retirement. Gevorg is looking to the favorable terms and service of microfinance to invest in his business.
He wants a loan to purchase additional raw materials for the furniture business. According to his business plan, this investment will grow his family income by twenty percent.
Gevorg is a well respected business man in Artik and enjoys living close to his extended family and friends. The proceeds from the investment will also help Gevorg to support his parents and his brother’s family.
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.