EFSE success stories. Samvel Melkonyan: as you grow older, you want more stability in life“Not a fan of drastic changes, I didn’t risk a new kind of business and just continued with what I could do the best,” Melkonyan says. Samvel Melkonyan, the head of S Kahuyq LLC has been engaged in furniture business since the Soviet times. Currently, he runs his own furniture shop in Yerevan, the capital of Armenia. June 13, 2014 PanARMENIAN.Net - Melkonyan imports furniture from Romania, Moldova, United Arab Emirates, China and Poland, refreshing the range once in a couple of months. Besides ordinary customers, the firm has major clients like Grand Holding, FINCA, SEF International, Grand Thornton, HayPost.
Melkonyan employs 7 people, including 1 shop assistant, 1 accountant, 4 workers and 1 cleaner. The $50,000 loan from Araratbank helps him cover the import expenses and ensure circulation of funds. “I was working in Yerevan’s largest furniture shop in early 1990s. Having gained rich experience there, I finally decided to run my own business and established this shop in October 2011. Not a fan of drastic changes, I didn’t risk a new kind of business and just continued with what I could do the best, even if the competition was increasing and new shops opening,” Melkonyan says. “As you grow older, you want more stability in life,” he explains.
Launching a business requires investments, so Melkonyan addressed Araratbank to get the funds he needed. “The Bank offered good loan conditions, trusting my experience,” he says. “With the advice of an old friend of mine, I chose the right bank to cooperate with.” Araratbank is one of the partner lending institutions of the European Fund for Southeast Europe (EFSE), which aims to foster economic development and prosperity in the Southeast Europe region, including the European Eastern Neighborhood region, through the sustainable provision of additional development finance. The Fund offers long-term funding instruments to qualified partner lending institutions to better serve the financing needs of micro and small enterprises and low-income private households. “As part of its business strategy, Araratbank implements flexible and advanced lending and risk management technologies that are based on international practice, and tailors them to the specifics of the Armenian market,” says Davit Harutyunyan, Araratbank Deputy CEO. “To be the best bank for our customers and shareholders by creating and adding value to them that is the main goal underlying the efforts of each and everyone throughout our organization. We take great care in applying proven control and risk management systems, which are introduced at each stage of the lending process and further loan services.” The project is sponsored by the European Fund for Southeast Europe Lusine Mkrtumova / PanARMENIAN.Net Most popular in the section Armenia’s “useless” manpower Small and medium sized businesses weigh in on consequences of war Hybrid banknotes New markets opening for home-grown products More articles in this section 4 rules for business success An ultimate guide Reduction of personnel and tax collection growth State Revenue Committee changes its policy Countries and goods that boosted Armenian export in 2016 Record figures | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |