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Edik

Update on Edik

Edik has been engaged in car maintenance for twenty three years. Mainly he does absorber refills. He works in a small leased space which is a small workshop for him. Edik lives in Ijevan with his wife and three children. His elder daughter is married and lives separately, his second daughter is studying and wants to become hairdresser and his son is school-aged. For many years Edik has been the only bread-winner in his family and he needs some improvements in his workshop. Edik has list of problems that he needs to be solved by the help of Kiva lenders. He wants to take a loan of 600,000 Armenian Drams to buy absorbers, some car parts, and raw materials, and he also needs to pay for the privatization bills of his workshop. Edik has taken loans from Nor Horizon for four times and he has paid them back successfully.

Previous Loan Details

Edik G. was born in 1966. He lives in Ijevan city. Edik is married and has three children. His elder daughter is married and lives separately. His younger daughter and his son go to school. Edik’s wife is at home. Since 1990, Edik has engaged in auto servicing. Now he is renting a workshop whe... More from Edik'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 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.

Tags

About Armenia

  • $6,300
    Average annual income
  • 152
    View loans »
    Armenia Loans Fundraising
  • $13,747,675
    Funds lent in using Kiva
  • 417.2
    Armenia Drams (AMD) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,450 helped Edik to buy absorbers, some car parts, raw materials and to pay for the privatization bills of his workshop.
79% repaid
Repayment Term
32 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 18, 2013
Listed
Jun 21, 2013
Currency Exchange Loss:
Possible