Armen lives and works in Gyumri town with his wife, 4-year-old son, mother and brother. He works hard to provide high quality service and gain more customers. Unfortunately, the income Armen gathers is hardly enough to cover the family's needs. As a result, there is no money left to invest in the business.
Armen has requested a loan from local financial institutions several times but his loan request was rejected every time because the business isn't registered as a formal business. He has now been approved for a loan within the framework of a new joint initiative between Kiva and SEF international.
The start-up loan program provides business start-up loans with easy conditions to informal businesses that do not have access to credit products.
With the help of the loan Armen will be able to purchase supplies and will be able to continue providing electrician services to customers.
More information about this loan
This loan is part of SEF's startup pilot project to benefit borrowers working in Armenia's non-formal business sector. By providing working capital to artists, auto mechanics, bakers, furniture makers, construction workers and other informal entrepreneurs, SEF aims to help them formalize their businesses, increase their incomes, and build brighter futures.
About SEF InternationalSEF’s mission is to extend business development and financial services to emerging entrepreneurs in search of productive opportunities to support their families and communities and to build bright futures for children in Armenia.
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