Update on ArmenArmen is still engaged in furniture production in his basement that has been converted into a workshop. He rents a small furniture shop in his town, where he sells furniture that he produced.
This is Armen’s second loan from Nor Horizon and second deal with Kiva. The previous one helped him to enlarge his furniture production and to add to the number of furniture assortments. He started to produce sofas and armchairs in his workshop. It was new for him, but he overcame all the difficulties and during six months became able to produce high quality upholstered furniture. He has a lot of clients and orders from them because they prefer to buy Armen’s handmade furniture.
Armen asks from Kiva a loan to buy a lot of raw materials for producing upholstered furniture and kitchen furniture. He hopes to make all his orders on time with Kiva lenders' support.
Previous Loan DetailsArmen finished middle school in Kadjaran, the city of his birth. He's married and has three children. Armen's wife takes care of their household and his elder daughter attends school, while his two younger children go to daycare. Armen's retired mother lives with them. Three years ago, Armen co... More from Armen'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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This loan has been fully funded!