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EFSE success stories. Samvel Melkonyan: as you grow older, you want more stability in life

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.

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
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