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Alvard
Alvard lives in the Shirak region of Armenia in the village of Gtashen. She is the proud mother of three wonderful children: two daughters (19 and 21 years old) and a 20-year-old son. Alvard works hard to support her family and also helps her close relatives. She has a high school education and has been a farmer for 20 years. She is looking for a loan to purchase seed, fertilizer, and fuel. According to her business plan, this investment will increase her income by 20 percent. She is pleased with the services of microfinance and the loan collection process. Alvard’s capital investment in her business is five times her outstanding loans.



About the Field Partner – AREGAK Universal Credit Organization
In the fall of 1997, United Methodist Committee on Relief (UMCOR) established the AREGAK microfinance program, with the purpose to create economic opportunities for low income people who have no or limited access to the formal financial sources, especially in the remote rural areas. The microfinance program rapidly became one of the largest MFI in Armenia in terms of number of active clients and portfolio size.

In March of 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 and continues initiatives geared toward the fulfillment of its ethical principles

Vision Statement
To be the most dynamic and ethical financial institution in Armenia and Nagorno Karabagh.

Mission Statement
AREGAK supports the economic development of small and medium entrepreneurs with high quality, accessible and reliable financial services.

AREGAK UCO’s Ethical Principles
1. Integrity and Excellence
We deliver on our promises
We are honest and transparent in everything we do
We provide excellent customer service
2. Respect and Inclusion
Our leadership, workforce and decision-making reflect and respect the diversity of customers and communities we serve.
We value all employees, investing in their personal and professional growth.
3. Innovation
We develop new processes and systems to improve efficiency
We create value added new products to enhance economic opportunities

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

  • $6,400
    Average annual income
  • 85
    View loans »
    Armenia Loans Fundraising
  • $12,655,100
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,925 helped Alvard to purchase seed, fertilizer, and fuel.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Irregularly
Pre-Disbursed:
Oct 31, 2011
Listed
Dec 29, 2011
Currency Exchange Loss:
N/A
Ended:
Aug 15, 2012