A loan of $1,925 helped to purchase seed, fertilizer, and fuel.


Alvard's story

Alvard lives in the Shirak region of Armenia in the village of Gtashen. She is the proud mother of three wonderful children: two daughters (19 and 21 years old) and a 20-year-old son. Alvard works hard to support her family and also helps her close relatives. She has a high school education and has been a farmer for 20 years. She is looking for a loan to purchase seed, fertilizer, and fuel. According to her business plan, this investment will increase her income by 20 percent. She is pleased with the services of microfinance and the loan collection process. Alvard’s capital investment in her business is five times her outstanding loans. About the Field Partner – AREGAK Universal Credit Organization In the fall of 1997, United Methodist Committee on Relief (UMCOR) established the AREGAK microfinance program, with the purpose to create economic opportunities for low income people who have no or limited access to the formal financial sources, especially in the remote rural areas. The microfinance program rapidly became one of the largest MFI in Armenia in terms of number of active clients and portfolio size. In March of 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 and continues initiatives geared toward the fulfillment of its ethical principles Vision Statement To be the most dynamic and ethical financial institution in Armenia and Nagorno Karabagh. Mission Statement AREGAK supports the economic development of small and medium entrepreneurs with high quality, accessible and reliable financial services. AREGAK UCO’s Ethical Principles 1. Integrity and Excellence We deliver on our promises We are honest and transparent in everything we do We provide excellent customer service 2. Respect and Inclusion Our leadership, workforce and decision-making reflect and respect the diversity of customers and communities we serve. We value all employees, investing in their personal and professional growth. 3. Innovation We develop new processes and systems to improve efficiency We create value added new products to enhance economic opportunities



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Loan details