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Naira runs a small bakery in the center of Goris town. She has been making different types of cookies and cakes for five years already. Naira loves her bakery and makes cookies with great love and pleasure.

She lives with her husband who is employed in the private sector. Naira has now applied for this loan to be able to purchase needed tools and materials for her bakery.

The loan is important for her to purchase a refrigerator and materials needed for cake production. Naira has 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. She will be very thankful to lenders for their support and goodwill.

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

  • $6,300
    Average annual income
  • 159
    View loans »
    Armenia Loans Fundraising
  • $14,910,275
    Funds lent in using Kiva
  • 414.1
    Armenia Drams (AMD) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $1,225 helped Naira to pay for a refrigerator and materials needed for her bakery.
71% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Apr 15, 2014
Apr 23, 2014
Currency Exchange Loss: