Zaven Sedrekyan lives in the Shirak region of Armenia in the town of Artik. He is university-educated. Due to limited employment opportunities, for the past fifteen years he has been a self-employeed entrepreneur. He owns a small business selling a range of clothing. He is married with two children – a 17 year old daughter and a 19 year old son. He supports his relatives with clothes from his store. His dream is to have both his children graduate from university. He considers himself an honest and hardworking person. Zaven is seeking a loan to expand the range of clothing in his store. With the investment he expects his family income to grow by 20 percent. His store is in a good location and Zaven has many loyal clients. Someday he would like to open a second shop and upon retirement leave the businesses to his children.
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.