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Formis is a young farmer from the Gandzaqar village of the Tavush region. She lives with her husband, two sons (12 and 10 years old), one-year-old daughter, and her mother-in-law.

With the help of her family members Formis is engaged in breeding livestock (cows and hens), and cultivating corn, beans, potatoes, grasses and several kinds of fruit (cherry, plum, quince, fig, apple, pear and walnut). Her husband helps her sell the agricultural products in the local market.

Farming is the most important source of income for the family. As their needs grow, Formis wants to increase her herd to be able to meet the needs of her family more effectively. A loan of USD 1,500 will greatly help this hardworking woman, enabling her to purchase three heifers.

As this is Formis’s first loan, it has been approved within the framework of the new joint initiative between Kiva and SEF. The first-chance loan program provides loans to people who didn’t have access to credit products before, because they have no credit history. She and her family will be very thankful to the lenders for their goodwill and support for loan to sustain their agribusiness.

Additional Information

More information about this loan

This loan is designed for clients who are considered to be riskier borrowers. SEF is committed to expanding financial access to these individuals, disbursing loans to clients who have no previous credit history, damaged credit, or who have been unable to get loans from other lending institutions.

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
  • 137
    View loans »
    Armenia Loans Fundraising
  • $15,799,025
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Formis to purchase three heifers.
100% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Sep 17, 2013
Oct 25, 2013
Currency Exchange Loss:
May 17, 2015