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Edik

Update on Edik

Edik lives in the village of Sarigyugh in Tavush region. Edik has no higher education but over the years, he managed to become a skilled and famous tailor not only in his village but also in Ijevan city. For many years, he worked at the Ijevan sewing factory as a leading specialist. Now it has been 15 years since he has had his own small sewing business in Ijevan. He works by order and never lacks customers or orders since he works very accurately and quickly.

As he says, thanks to his business income, he managed to repair the family's house, pay for his children education and organize their wedding parties. Now they live separately from their parents, but Edik still financially supports them. Edik now lives with his wife who is already retired. His agricultural activities provide a good harvest for their small family's everyday use.

Edik is asking for a loan of 300.000 Armenian drams in order to buy fabrics and materials for his sewing business to fulfill his orders on time.

Previous Loan Details

Edik M. was born in 1957 in Sarighygh village, Ijevan area. He is married and has three sons: The eldest one is a student, the middle son lives and works in Russia, and the youngest one serves in the Armenian Army. From 1988 until 1992, Edik participated in the Nagorno-Karabakh war conflict. I... More from Edik'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.

Tags

About Armenia

  • $6,300
    Average annual income
  • 159
    View loans »
    Armenia Loans Fundraising
  • $13,802,050
    Funds lent in using Kiva
  • 413.7
    Armenia Drams (AMD) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $750 helped Edik to buy fabrics and materials for his tailoring business.
73% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 11, 2014
Listed
May 8, 2014
Currency Exchange Loss:
Possible