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Armen lives in Vanadzor town with his grandmother, who is retired and doesn't work. As the only breadwinner of the family, Armen works really hard. He has been engaged in a retail business for two years already. Despite his young age (he is 20 years old), Armen is already very skilled. He purchases different types of fruits and vegetables from nearby villages, and sells them at a local city market.

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.

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
  • 169
    View loans »
    Armenia Loans Fundraising
  • $17,141,425
    Funds lent in using Kiva
  • 410.8
    Armenia Drams (AMD) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Armen to pay for an increase in working capital by purchasing watermelons.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Aug 14, 2013
Sep 15, 2013
Currency Exchange Loss:
Sep 17, 2015