On November 19, FINCA UCO hosted the US Ambassador to Armenia, Lynne M. Tracy, in its head office in Yerevan.
The Ambassador had a discussion with FINCA Armenia Management Board on how exactly the company delivers its double bottom line of social impact and financial sustainability by prioritizing customer experience, leveraging technology and innovation, and diversifying funding sources.
Ambassador Tracy also took the time to meet a few FINCA customers who have expanded their businesses and improved their standards of living thanks to FINCA loans. The discussion with customers provided a whole new perspective on the role of the organization in expanding financial inclusion in the country. As one of the most long-lasting customers noted: “Twenty years ago FINCA was the only place a small entrepreneur could go to for a microloan. And now, when there are dozens of other microloan providers in the market, FINCA still differs in the way they treat customers. You literally feel the care and trust they have towards you and the potential of your business, and you know your success is as important for them as it is for you.”
The customers shared their stories such as growing a one-person workshop into a chain of stores, expanding a tiny family farm into a large-scale farming business with multiple greenhouses, providing children with a fun environment to learn and develop. “It is so inspiring to learn how each of you have built your success from zero by taking a risk and applying for that very first loan,” — reflected the Ambassador, — “I am delighted to see that FINCA can help talented entrepreneurs like yourselves finance your dreams in diverse sectors.”
All the customers had ambitious plans of further growing their ventures with FINCA providing the investment to fuel that growth.
“Our biggest reward is seeing how customers who initially have problems earning their minimum living, start with tiny microloans and after several years of cooperation come to us for much bigger investments to fuel their already accomplished businesses.” — said FINCA Armenia CEO Hrachya Tokhmakhyan.