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COAF And Cascade-Credit To Provide Loans Package To People Of Six Vi

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  • COAF And Cascade-Credit To Provide Loans Package To People Of Six Vi

    COAF AND CASCADE-CREDIT TO PROVIDE LOANS PACKAGE TO PEOPLE OF SIX VILLAGES OF ARMAVIR

    ARMENPRESS
    May 14, 2008

    YEREVAN, MAY 14, ARMENPRESS: The Children of Armenia Fund (COAF),
    cooperating with the Cascade-Credit company, will provide a loan
    package tailored to the needs of the communities of the Model Cluster,
    including Argina, Dalarik, Karakert, Lernagog, Miasnikian and Shenik.

    The package offers negotiable financing and flexible repayment
    schedules, with maturity varying between 6 and 84 months and annual
    percentage rate starting at 12 %. For engaging rural women in
    entrepreneurial activities, a special credit for women entrepreneurs
    is offered with 11.5% annual percentage rate.

    The main goal of the initiative is to increase the level of loan
    availability in rural areas which will result in the development of
    the rural economy, creating new jobs and increasing the quality of
    life in the Model Cluster villages.

    The founder and chairman of COAF Karo Armen said today that the choice
    of the communities is agreed with the fact that the fund worked with
    them previously. For the implementation of "Model Cluster", the COAF
    included six mentioned villages taking into consideration the bad
    social condition of their population. In future it is expected to
    create such opportunities for the people of other villages.

    Cascade-Credit is providing loans ranging from AMD 1,000,000 to
    AMD 15,000,000.

    Around 370 applications have already been received and by now 32 have
    been approved.

    These loans are provided for agricultural development, mainly animal
    husbandry and farming, acquisition and modernization of agricultural
    machinery, and even for other ventures.

    In addition to the loan program, the partnership also offers
    agricultural leasing to facilitate the acquisition and modernization
    of agricultural equipment and business renewal. Agricultural leasing
    ranges between AMD 1,500,000 and AMD 350,000,000, with a minimum 14%
    annual percentage rate and 7 years' maturity.

    The Children of Armenia Fund is a non-profit foundation that aims
    to reduce poverty through the revitalization of rural Armenia and
    the realization of projects that are instrumental for the revival
    of communities.
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