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Armen has been providing an auto maintenance service in Akhuryan village for many years. He lives with his wife and father and does his best to sustain their living. After several years of hard work, Armen already owns his own small place where he repairs different types of vehicles and cars. Armen has requested a loan from local financial institutions several times but without any success. His loan request was rejected every time because his business isn't registered as a formal business.

Armen has now been approved for a loan within the framework of a new joint initiative between Kiva and SEF International. The start-up loan program provides business start-up loans with soft conditions to informal businesses that do not have access to credit products. This loan is very important for Armen to renovate his car and purchase tools specialized for his work. Armen will be very grateful to Kiva lenders for supporting him with the business which he does with great care and love and which is the only source of his income.

Additional Information

More information about this loan

This loan is part of SEF's startup pilot project to benefit borrowers working in Armenia's non-formal business sector. By providing working capital to artists, auto mechanics, bakers, furniture makers, construction workers and other informal entrepreneurs, SEF aims to help them formalize their businesses, increase their incomes, and build brighter futures.

About SEF International

SEF’s mission is to extend business development and financial services to emerging entrepreneurs in search of productive opportunities to support their families and communities and to build bright futures for children in Armenia.


About Armenia

  • $6,300
    Average annual income
  • 112
    View loans »
    Armenia Loans Fundraising
  • $16,727,525
    Funds lent in using Kiva
  • 410.5
    Armenia Drams (AMD) = $1 USD

Success!! The loan was 100% repaid

A loan of $750 helped Armen to pay for renovation of his car and to purchase tools for the repair of vehicles.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 6, 2013
Aug 14, 2013
Currency Exchange Loss:
Sep 17, 2015