Ruzanna is from the village of Shirak in Armenia. She is married with two children – a 20-old-daughter and a 22-year-old son. Ruzanna has a high school education. She just recently moved to the village of Shirak from the city of Gyumri and has been farming for the past three years. She is a hardworking person and dreams of owning her own bakery one day. She is looking for a loan to purchase potato seeds and fuel. This investment should increase the family income by fifteen percent. As Ruzanna is saving for her bakery, she is keeping her debt below twenty-five percent of her invested equity in the business. She likes living in Shirak surrounded by good friends and relatives.
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.