Nunufar is from the village of Shirak in Armenia. She is married with three children – two daughters (24 and 25) and a 20-year-old son. Nunufar has a high school education and has been farming for the past thirty years. She is looking for a loan to purchase potato seeds. According to Nunufar’s business plan, this investment should increase the family income by fifteen percent. She has a positive opinion of microfinance and is keeping her debt below thirty percent of all the savings she has invested in the business. Nunufar was born in Shirak and enjoys the rural life. She hopes her children will have happy lives.
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.