One year ago Erik started to earn his living by providing taxi service to locals. Due to his hard and tireless work Erik has gained many loyal customers over this year and now is able to cover his and his mother's daily costs. Currently Erik's car is out of order and needs to be renovated. Erik 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. Erik 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 Erik to renovate his car, purchase tires and be able to continue his business.
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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Success!! The loan was 100% repaid