Davit lives in the village of Arevshat in the Shirak region of Armenia. The name of the village means “lots of sun”. He is married with three children: two daughters (ages eight and twelve) and a six-year-old son. Agriculture is the way of life in Arevshat, and Davit has been farming for over eighteen years. In order to expand his business, he would like a loan to purchase feed and calves. Davit is going to save some of the proceeds from this investment to reconstruct his cattle shed. This loan will help increase the family income by around twenty percent. He is pleased with microfinance services, especially that repayments are organized in his village.
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.