Hasmik lives in the Shirak region of Armenia in the village of Kaps. She is married with three children – a 26-year-old daughter and two sons (14 and 24). She has a high school education and has been farming for the past 20 years. She dreams of renovating the family home. She would like a loan to purchase livestock and feed. She expects this investment to increase the family income by 20%. She is pleased with the services of microfinance. She is keeping her debt to less than 40% of her equity in the 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.