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Update on Vaghinak

Vaghinak is still engaged in men's shoe production and sales. After loans from Nor Horizon he enlarged his production and the variety of his shoe assortment. He produces men's shoes and sells them in his rented stall in a big Vanadzor market. At the same time he buys shoes from Yerevan wholesale markets and transports them to Vanadzor for resale. In this occupation he has been engaged for more than 10 years.

Vaghinak is the only breadwinner in his big family and it is very hard to support them in a small city like Vanadzor. He saves part of income from his business for his children’s good future. As Vaghinak confessed, his big dream is to see his children as students and after higher education, he hopes that his children will became good specialists.

Now Vaghinak is asking for 1,000,000 Armenian Dram as a loan from Kiva lenders to buy a new range of spring season men's shoes for reselling and leather for his shoe production. This deal will help Vaghinak to increase his business income.

Previous Loan Details

Vaghinak is 37 years old. He lives in Vanadzor city with his wife and three children: two school-aged daughters and a three-year-old son. Vaghinak manages his own business, which consists of selling men’s shoes. Recently he has started to produce shoes by himself and now he sells not only pur... More from Vaghinak's previous loan »

Additional Information

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.

For more information about “Nor Horizon,” please visit the partner page or website.

To stay updated on loans from Armenia, please join the Armenia lending team at

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.

About Armenia

  • $6,300
    Average annual income
  • 94
    View loans »
    Armenia Loans Fundraising
  • $14,006,425
    Funds lent in using Kiva
  • 406.9
    Armenia Drams (AMD) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,475 helped Vaghinak to buy shoe lasts, soles, leather and imitation leather for his shoe production.
99% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Feb 8, 2013
Feb 25, 2013
Currency Exchange Loss:
Feb 20, 2015