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.