Update on BabkenYoung farmer Babken lives in Ddmashen village in the region of Sevan. He has a big family consisting of several members: he and his wife, their two sons, his mother and brother. It is a big, genial and consolidated family, always ready to help each other. In their farm they have three cows, five sheep, twenty chickens and two piglets, but the main wealth of their farm are beehives and bee colonies that they have enriched with the help of his previous Kiva loan. The honey that they have is of very high quality and unbelievably good taste. It is the result of hard and honest work during the whole year.
Babken again wants to work with Kiva lenders and is asking for a loan of 1,000,000 Armenian drams to expand both his bee colonies and farm animals. He wants to buy a cow and a calf. Babken is sure that his second cooperation with Kiva will be as useful as the first one.
Previous Loan DetailsBabken S. lives in Ddmashen village in the Sevan area with his wife, his mother and his brother. Babken is 32 years old and for 10 years he has been running his own farm. Besides animal husbandry, Babken is also busy with beekeeping and he likes his occupation very much. His family helps him a lot… 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.
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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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This loan has been fully funded!