Funded

Total loan: $1,925
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Armen

Armenia
Yerevan, Armenia / Manufacturing

A loan of $1,925 helped to buy raw materials for his business.


Armen's story

Thirty-three-year-old Armen lives in Yerevan with his mother, who is jobless. After serving in the Armenian Army, he worked in the trading sector for several years. For about 3.5 years, he has been making rolls of tin foil and plastic wrap, which are used to preserve food and for baking. Armen constructed his rolling device by himself and he set up his business with a relative of his. But six months ago, his relative left Armenia, and now Armen carries on his business alone. Armen buys tin foil from an Armenian factory and Chinese-produced plastic wrap from a wholesale fair. Recently, Armen received an offer for Chinese tin foil purchasing, but he rejected that proposal as he prefers to work with domestic manufacturers. Armen sells his tin foil and plastic wrap to supermarkets and corner stores. He uses the profit from the business for his family. Armen is seeking a loan of 700,000 AMD to buy raw materials for his business. The supermarkets pay Armen 90 days after shipment, so this loan will help him cover the cost of raw materials.



Loan details

Loan length:

16 months
Disbursed date: July 20, 2011
Facilitated by Field Partner: Nor Horizon Universal Credit Organization Limited Liability Company

Lenders and lending teams



Loan details

Loan length:

16 months
Disbursed date: July 20, 2011
Facilitated by Field Partner: Nor Horizon Universal Credit Organization Limited Liability Company