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Armen

Update on Armen

Over the years, Armen has become a master in the business of making rolls of tin foil and plastic wraps. He now works harder and more productively since his family has become bigger. He is married and his daughter was born 2 months ago. Armen’s business is going ahead and fortunately he has a lot of orders from supermarkets and corner stores.

The previous two loans that Armen received from Kiva were more than useful and profitable. Armen would like to partner once again with Kiva lenders and he hopes for success and support like the other times. He is requesting a loan of $3,000 to buy a lot of materials for his business.

Previous Loan Details

Armen is going on with his business. Thanks to his occupation, Armen keeps his young family and his mother as well. His first Kiva loan was used to buy raw material for his business. Recently Armen has constructed a new rolling device and a cardboard cutting device by himself. This fact has allow... More from Armen's previous loan »

Additional Information

About “Nor Horizon”

“Nor Horizon” UCO LLC is committed to promoting poverty alleviation in Armenia by providing high-quality financial and other business development services to enterprising individuals in under-served rural and urban markets who have a strong will to establish and develop their own small-scale businesses. Originally created as the Armenian micro credit program of Oxfam (Great Britain) in late 1995, “Nor Horizon” LLC has been licensed under supervision of the Central Bank of Armenia since early 2006.

For more information about “Nor Horizon,” please visit the partner page or website.

To stay updated on loans from Armenia, please join the Armenia lending team at http://www.kiva.org/team/armenia.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Armenia

  • $6,300
    Average annual income
  • 148
    View loans »
    Armenia Loans Fundraising
  • $13,802,050
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $3,000 helped Armen to buy a lot of materials for his business.
100% repaid
Repayment Term
22 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 14, 2013
Listed
Sep 8, 2013
Currency Exchange Loss:
N/A
Ended:
May 17, 2015