Update on ArmenArmen and his lovely family live in the village of Tsovagyugh in the Sevan area. Armen is married and he has two children already. His wife takes care of them. He owns a shop, where he sells spare car parts.
Armen is among those people that already once have had a chance to experience that Kiva lenders truly provide help and humanity to those who really need it. By the help of his first Kiva loan, Armen managed to adapt and repair part of his shop for a household goods trading organization, and to buy merchandise for it.
This time Armen needs a loan of 900,000 Armenian drams to renew the assortment of goods in his shop and to buy car wheels. He will try to see what kind of income it will bring, since his family has become bigger and financial drains have become greater.
Previous Loan DetailsArmen A. is 29 years old. He is married and lives in Tsovaghugh village in the Sevan area with his wife and his 1-year-old baby. Armen is a mechanical engineer, but he manages his own business: spare parts for cars. In the near future, Armen will become a father for the second time, so he inte... 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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