“Nor Horizon” UCO LLC is a for profit, regulated, non deposit taking entity, established in 2006 in order to carry out micro lending activities in the distant regions of Armenia. The clients of “Nor Horizon” were micro-scale entrepreneurs in urban and rural areas involved in retail trading, small-scale manufacturing, processing, services, land cultivation and animal breading.

Mission

To promote poverty alleviation in Armenia, economic free and fair competition in the field of small and middle scale entrepreneurship through economic activity, to promote provision of availability of identity of financial services in far and border areas.

Vision

Become the best national Armenian micro-finance institution by providing high-quality financial and other business development services to enterprising individuals, who have strong will to establish and develop their own small-scale businesses, in underserved rural and urban markets.

Objectives
• To enable marginalized and poor people to achieve sustainable livelihoods
• To increase the ability of poor people to engage in productive activities and generate secure livelihoods through access to local and regional markets
• To involve poor people in business activities and to create sustainable income sources, to ensure community development and to facilitate refugees’ integration with the local population through creation of equal opportunities for access to market
• To promote close cooperation with all individuals, groups, associations and organizations willing to support the accomplishment of these objectives

History

Nor Horizon was originally started by Oxfam (Great Britain) in late 1995, as the Armenia Branch micro credit program. At that time, the organization was working in six regions through two local Non-Governmental Organizations (NGOs). The program targeted the vulnerable strata of Armenian population, mainly refugees, women headed households and local vulnerable people (especially unemployed women, families with more than one child, disabled people, women from the earthquake zone and families with elderly dependants).

At the end of October 2002, the existing micro credit program of Oxfam Great Britain - Armenia was registered with the state as an independent, non-commercial organisation named “Horizon” Fund. During the period from November 2002 till December 2006, Horizon Fund was acting as a microfinance institution and disbursed more than 11,500 loans to about 4,500 clients in the amount of 4,639,565,000 AMD (approximately 12,800,000 USD).

At the end of 2005, the National Assembly of Armenia adopted a law to supervise financial institutions and required all institutions to change legal status to comply with the law. So beginning in early 2006 “Nor Horizon” LLC was established and licensed under supervision of Central Bank of Armenia. Currently, Nor Horizon has 4 branches and 2 representation offices in the regions where formerly Oxfam program and then Horizon fund were working. ”Nor Horizon” UCO LLC is member of local and international associations, such as Microfinance Center, Association of Credit Organizations of Armenia and Association of Mortgage Market Participants of Armenia. Nor Horizon is one of the four original founders of the local association.


Kiva HelpRepayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Aug 2, 2009 Oct 12, 2005
Total Loans $1,129,075 $280,713,025
Amount of Raised Inactive Loans $0 $10,525
Number Of Raised Inactive Loans 0 17
Amount of Paying Back Loans $864,150 $76,564,275
Number Of Paying Back Loans 406 92,262
Amount of Ended Loans $264,925 $204,138,225
Number Of Ended Loans 152 280,125
Delinquency Rate 0.01% 2.45%
Amount In Arrears $81 $1,254,316
Outstanding Portfolio $629,730 $51,149,836
Number of Loans Delinquent 1 11,545
Default Rate 0.00% 1.12%
Amount of Ended Loans Defaulted $0 $2,280,201
Amount of Ended Loans $264,925 $204,138,225
Number Of Ended Loans Defaulted 0 6,779
Currency Exchange Loss Rate 0.00% 0.00%
Amount of Currency Exchange Loss $0 $12,824
Refund Rate 0.29% 1.24%
Amount of Refunded Loans $3,250 $3,477,150
Number Of Refunded Loans 2 4,129

Kiva HelpLoan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans To Women Entrepreneurs 37.61% 74.90%
Average Loan Size $2,022 $389
Average Individual Loan Size $2,022 $618
Average Group Loan Size $0 $1,631
Average Number Of Entrepreneurs Per Group 0 8
Average GDP Per Capita (PPP) in Local Country $6,400 $3,402
Average Loan Size / GDP Per Capita (PPP) 31.59% 11.42%
Average Time To Fund A Loan 12.36 days 3.96 days
Average Dollars Raised Per Day Per Loan $163.61 $98.13
  Average Loan Term 21.77 months 9.26 months

Kiva HelpJournaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 238 131,404
  Journaling Rate 97.20% 39.40%
  Average Number Of Comments Per Journal 0.26 0.16
  Average Number Of Recommendations Per Journal 0.41 4.21

Kiva HelpBorrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI Peers in Country All Kiva Partners
  Average Interest Rate and Fees Borrowers Pay (Portfolio Yield) 21.20% 22.60% 36.11%
  Average Partner Return On Assets (Average Profitability) -2.7% 2.5% -1.45%
  Average Loan Size (% of Per Capita Income) 36.26% 44.60% 43.69%

Kiva HelpCountry Fast Facts

Field Partner Staff

Diana Ghabulyan
Khoren Kerobyan
Monika Khachatryan
Ashot Sargsyan
Yana Sargsyan