Hasmik H. is from the village of Vahramaberd in the Shirak region of Armenia. She previously lived it the city of Gyumri and moved to the village for the possibility to start up her own business. For the past eight years, Hasmik has been raising cattle and growing vegetables. She considers herself to be an honest hardworking person.
In addition to her small business, Hasmik is a teacher at a nearby university. The income she receives from her own business helps support the family as teacher’s salaries are quite low. Hasmik is married with twins – a boy and girl (nineteen years old). In addition to supporting her family, Hasmik dreams of remodeling the family home. She is looking for a loan to purchase additional cattle and grow her business. She expects the family's income to increase by thirty percent with the investment.
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.