Aram is from the village of Arevshat in the Shirak region. Arevshat means “lots of sun”. He is married with two sons, aged fifteen and eighteen. Aram has a high school education and has been farming for the past twenty-five years. He also supports his relatives with produce grown on the family farm.
He would like a loan to purchase potato seeds, fertilizer and fuel. Aram expects this investment to increase his family's income by twenty-two percent. He is careful to keep his debt low, and the equity in his business is six times more than his loans. Aram is pleased with the services of microfinance and the opportunity to grow his 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.