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Narek
Upon returning from two years of service in the army, Narek, at the age of 23, found a means to make a living by providing taxi service to locals. He lives in Vanadzor town with his mother and grandmother. Although Narek is young, he is already a very skilled driver and knows each place in town.

Unfortunately Narek's car broke down a month ago and he wasn't able to repair it because of financial difficulties. He 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.

Narek 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 soft conditions to informal businesses that do not have access to credit products. With this new initiative Narek is very motivated to repair his car, purchase tires and be able to continue his taxi business.

Narek waits for your support.

Additional Information

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 International

SEF’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.

About Armenia

  • $6,400
    Average annual income
  • 91
    View loans »
    Armenia Loans Fundraising
  • $12,655,100
    Funds lent in using Kiva
  • 410.6
    Armenia Drams (AMD) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Narek to pay for the repairs on his taxi and purchase tires.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 29, 2013
Listed
Aug 13, 2013
Currency Exchange Loss:
Possible
Ended:
Jan 17, 2014