Now, for purchasing watermelons, this young and hardworking guy needs financial support. He has requested a loan from local financial institutions several times, but without any success. His loan request was rejected all the 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.
Thus, this loan will greatly assist Armen to increase sales of watermelons and ensure a better life for his grandmother.
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 InternationalSEF’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.
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Success!! The loan was 100% repaid