The business helps Sos to gather income which is very important for covering daily costs. He purchases products from the city market and distributes them to villages. Since in the villages of Syuniq region there are not many shops and people have to go near town to purchase needed goods, the service that Sos provides is highly demanded.
For purchasing supplies he 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. Sos 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. This loan will greatly support Sos to purchase the supplies he needs for selling and 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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