Naira is from the village of Azatan in the Shirak region of Armenia. She is married with three children – a 15-year-old daughter and two sons (eight and ten years old). Naira is a trained nurse but due to difficult economic times, she has been farming for the past 20 years. Naira also helps her relatives with potatoes grown on the family farm. She is looking for a loan to purchase potato seeds and fertilizer. She expects this investment to increase the family income by 20%. She is pleased with the terms and conditions of microfinance. Naira is keeping her debt below 20% of her invested equity in the business. Naira dreams that her children will receive university educations.
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.