YEREVAN, Armenia — Four small businesses created in the regions of Armenia have demonstrated measurable success from access to small loans and business development consulting realized by the American University of Armenia (AUA) Extension’s Turpanjian Rural Development Program (TRDP). The four entrepreneurs featured in this article have successfully utilized and fully repaid their loans within four years from launching their businesses. The success of these enterprises supported under TRDP is measured by their overall business performance along with their tangible contribution to the local economy.
Among these successful TRDP beneficiaries is Lyova Harutyunyan from Tavush, who established and expanded a pumice block production business in Sarigyugh (near Ijevan), creating six new jobs in the local community and duly supporting the construction industry. Vigen Nerkararyan, also from Tavush, invested in his fish-breeding business, similarly creating four new jobs in the Lusadzor community. Building on the success of his enterprise, Nerkararyan is currently planning to further grow his enterprise investing in a totally new line of business: the establishment of a bistro offering fresh fish and fish products.
Another success story is Karen Karamyan’s bed-and-breakfast in Vayots Dzor, who improved his existing business premises by expanding the reception area and adding a new well-equipped kitchen, thereby augmenting his market reach and recording a 15% increase in revenues. This progress has been realized through his shrewd competitiveness and the addition of new products. Likewise, Rudik Bernetsyan from Shirak also remodeled his production shop, thereby enhancing his cheese production by offering new products in the local market. Following the successful implementation of his plans and repayment of the initial loan, Bernetsyan received a second loan to further improve his business, specifically focusing on more attractive packaging and enhancing product quality, augmenting his competitiveness and expanding his market.
The successful repayment of these loans indicates that the funded enterprises have achieved operational and financial viability while fulfilling their intended development objectives. The individual successes of these entrepreneurs demonstrate how relatively modest financial investments provided through the AUA Turpanjian Rural Development Program can generate substantial and stable socioeconomic benefits for the respective rural communities.
The AUA Turpanjian Rural Development Program provides education, funding and consultations to existing and startup businesses in the rural communities of Shirak, Tavush, Vayots Dzor, Gegharkunik, Lori, and Ararat provinces of Armenia, as well as in Artsakh and Javakhk (Georgia). The list of eligible communities and eligibility criteria can be found here. The program continues to accept applications for the next round of training.