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Karen
Karen lives in Vanadzor town with his father. To financially support the family, Karen's mother went to a neighboring country for finding a job. Karen has been already three years involved in selling cloth and dressmaking supplies to locals in the town. Over these years of hard and tireless work, he has already formed a group of loyal customers.

For purchasing new stock of inventory, Karen needs financial support. 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. Karen 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 is very important for Karen to be able to meet clients' needs and ensure a better life for his parents.

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
  • 163
    View loans »
    Armenia Loans Fundraising
  • $13,288,025
    Funds lent in using Kiva
  • 409.5
    Armenia Drams (AMD) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,225 helped Karen to pay for new stock of cloth and dressmaking supplies to sell to customers.
79% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 2, 2013
Listed
Aug 15, 2013
Currency Exchange Loss:
Possible