Ararat dreams of having his eighteen year old daughter graduate from university. She attends university in the capital city of Armenia, Yerevan. Ararat lives in the village of Panick in the Shirak region of Armenia with his wife and three sons. Ararat is a graduate of medical college and is proud of his education.
Due to difficult economic conditions, he has been self-employed as a farmer for the past twenty years. In order to support his daughter, Ararat is looking for a loan to expand his cattle breeding business. With the purchase of additional livestock, he is expecting his family's income to increase by around twenty percent. As a life long resident of Panick, Ararat lives near his extended family and all are involved in the agriculture sector.
About AREGAK Universal Credit Organization
In 1997, United Methodist Committee on Relief (UMCOR) established the AREGAK microfinance program with the aim of creating economic opportunities for low-income people who lack or have limited access to formal financial services, especially in remote rural areas. The microfinance program rapidly became one of the largest microfinance institutions in Armenia in terms of the number of active clients and portfolio size.
In 2006, AREGAK UCO was registered as a universal credit organization structured as a closed joint stock company with UMCOR as the sole shareholder.
Today, AREGAK UCO provides a broad range of financial services to the population without compromising the social aspects of its mission. It continues pursuing initiatives geared toward the fulfillment of its ethical principles. To learn more about AREGAK UCO, visit its Kiva Field Partner page.