“All you see around is the result of our family efforts. We work hard day and night and the outcome is pleasing,” Shmavonyan says.

Although the weather is not always gratifying, with frequent rains, cold nights and even hail, farmers do not lose heart.

“In this greenhouse we had tulips for the New Year and March 8 sale, which helped us pay off a part of the loan. There are also garden radishes to be sold soon,” he says, leading to a pigsty which is now home to several sows and a dozen of newborns.

“14 piglets were born several days ago but only seven survived. Anyway, we are now waiting for more to be born,” Shmavonyan says hopefully.

“I am very thankful to ACBA for cooperation. We have been partners for a long time and I never experienced problems with registering a new loan when I needed more money for my household,” he says.

The European Fund for Southeast Europe (EFSE) successfully launched cooperation with ACBA Leasing Credit Organization in Armenia, by providing a senior loan facility dedicated to MSE financing in the Equivalent of EUR 2.5 million. The loan facility was aimed at supporting ACBA Leasing’s strategy to facilitate access to credit for MSEs, including agricultural producers and individual farmers, especially in the country’s rural areas.

EFSE operates through financial intermediaries in the region of Southeast Europe, including the European Eastern Neighborhood Region. These include commercial banks, microfinance banks, microcredit organisations and non-bank financial institutions such as leasing companies. They on-lend funds received from EFSE to the Fund’s ultimate target group: micro and small enterprises and low-income private households. All of EFSE’s partner lending institutions are carefully selected: In addition to being financially stable, the institutions must treat their clients fairly and in a transparent manner.

The project is sponsored by the European Fund for Southeast Europe