Gurgen is a life long resident of Gyumri, located in the Shirak region of Armenia. He is a widower and he has no children. Gurgen has a high school education and has been running a small bakery for the past four years. Previously, he had been employed as a cook.
Microfinance has enabled Gurgen to expand his business. His dream is to diversify his business in to other food processing goods. Gurgen also helps his extended family with his baked goods. He would like a loan to buy equipment in order to expand his production levels. This investment should increase his income by around 25 percent. He really enjoys being a baker and owning his own business.
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.