Update on BabkenBabken is stilll engaged in bread production. His last 2 loans were from Kiva. Thanks to Kiva loans, Babken increased his business and his production now is going well. The whole family is engaged in Armenian traditional bread production. Babken delivers bread to their regional shops every morning and evening.
For about a year, Babken has also been engaged in animal breeding. With the profit from their family production he bought some cows and sheep and takes care of them. He hopes to receive a good profit from his farming and he hopes to enlarge his new farming business in the future.
Babken asks from Kiva a loan of 1.000.000 Armenian drams to buy cows and sheep for his new farming business.
Previous Loan DetailsBabken H. is 23 years old. He lives in the village of Ddmashen, near the town of Sevan, with his parents and his two sisters. Babken’s mother teaches biology in a Ddmashen school. His father helps him in the business. One of Babken's sister is school-aged, and the other is a teacher like their… More from Babken's previous loan »
About “Nor Horizon”
“Nor Horizon” UCO LLC is committed to promoting poverty alleviation in Armenia by providing high-quality financial and other business development services to enterprising individuals in under-served rural and urban markets who have a strong will to establish and develop their own small-scale businesses. Originally created as the Armenian micro credit program of Oxfam (Great Britain) in late 1995, “Nor Horizon” LLC has been licensed under supervision of the Central Bank of Armenia since early 2006.
To stay updated on loans from Armenia, please join the Armenia lending team at http://www.kiva.org/team/armenia.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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