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Gnel is from Gyumri town, where he lives with his parents and brother. Gnel has been providing refrigerator-repair services to locals, for already five years. He takes orders from local stores and individuals, and works hard to meet their needs.

The income that Gnel gets is very important for meeting the family's daily needs, so he is now willing to enlarge it. Because of financially poor conditions, Gnel isn't able to purchase tools and equipment that he needs for providing reconstruction service of refrigerators. This is a reason Gnel has applied for this loan. He 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. The loan will greatly assist Gnel, and he will be able to increase the quality of service he provides.

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
  • 99
    View loans »
    Armenia Loans Fundraising
  • $16,723,925
    Funds lent in using Kiva
  • 406.3
    Armenia Drams (AMD) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,500 helped Gnel to purchase tools and equipment needed for providing reconstruction service of refrigerators.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 10, 2013
Nov 11, 2013
Currency Exchange Loss:
Jun 17, 2015