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Manuk
Manuk became the only breadwinner in his family after he got married and started to live separately from his parents. He earns his living by providing a taxi service in Gyumri town where he lives.

Manuk is young, but already very skilled in driving a taxi. He knows each place in his town, so the customers value the service Manuk provides.

Manuk has requested a loan from local financial institutions several times, but without any success. His loan request was rejected every time because his business isn't registered as a formal business. Manuk 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.

The loan is very important for Manuk to renovate the car and purchase tires so he will be able to continue his business.

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.

Tags

About Armenia

  • $6,300
    Average annual income
  • 157
    View loans »
    Armenia Loans Fundraising
  • $13,755,900
    Funds lent in using Kiva
  • 410.5
    Armenia Drams (AMD) = $1 USD

Success!! The loan was 100% repaid

A loan of $875 helped Manuk to pay for renovation of the taxi and purchase tires.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 2, 2013
Listed
Aug 14, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 17, 2014