Armen L. lives in the city of Gyumri. Gyumri is located in the Shirak region of Armenia. Armen is newly married; he has no children. He has been working in retail trade for the past two years. Microfinance services have enabled him to expand his business.
Armen dreams of owning his own store and his own home. Armen and his wife hope to have a big family. He is looking for a loan to purchase more clothes for the business. With this investment, his family income can grow by 20 percent. Armen enjoys living in Gyumri near his extended family and friends.
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.