FINCA Armenia provided $1.5 million in funding for microbusiness development

YEREVAN, August 17. /ARKA/. FINCA Armenia universal credit organization as part of cooperation with MCE Social Capital investment company has received $1.5 million in funding to stay true to its mission of overcoming poverty, creating jobs, helping underprivileged families and improving the quality of life through its financial services in regional and urban communities, the organization's press service reported.

MCE Social Capital is a U.S. investment company that has provided more than $291 million in loans to 146 entities in 65 countries from 2006 to the present to expand and improve services.

This collaboration will allow FINCA Armenia to expand its loan financing to support micro and emerging businesses in Armenia, as well as client capacity building programs, beginning in August 2023.

"We are pleased and proud to partner with MCE Social Capital with the goal of further expanding the work they have done to make financial services accessible to micro clients. Together we can expand the scope of affordable and responsible financial services for Armenian businesses. The cooperation between FINCA and MCE Social Capital demonstrates long-term stability and high mutual trust," said Stephen Michael House, CEO of FINCA Armenia.

The cornerstone of FINCA Armenia's activities in the country, particularly in rural communities, is the design and development of responsible and affordable microcredit programs for the benefit of its clients.

FINCA has been operating in Armenia for about 25 years, providing its clients with added value and high quality service, which has helped the organization to establish and maintain a leading position in the Armenian market. -0-