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Heghnar is a hardworking sole entrepreneur who has been running her shop in Gyumri, Armenia for the past five years. She is married with four children – three daughters (twenty-five, twenty-nine and thirty years old) and a twenty-three-year-old son. Heghnar has a high school education and has decided to grow her business. She is looking for a loan to purchase a refrigerator for her shop. Heghnar expects the investment to increase her income by twenty percent. She is pleased with the microfinance services. Heghnar dreams of renovating her home and opening a second shop in Gyumri.

Additional Information

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.

About Armenia

  • $6,300
    Average annual income
  • 111
    View loans »
    Armenia Loans Fundraising
  • $14,010,625
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD