Social Performance Report: ECLOF Armenia
ECLOF Armenia is a small microfinance institution headquartered in the town of Etchmiadzin.
Through a network of five branches, ECLOF targets smallholder farmers, rural micro entrepreneurs and small enterprises that face limited access to financial services. 38% of Armenia’s population reside in rural areas. Their main income source is agriculture. As a finance provider exclusively focused on serving rural areas, ECLOF’s branches, including the head office, are all located in small or mid-sized towns.
ECLOF’s agricultural loans are designed to fit the income stream of the farmer. The top 5 purposes ECLOF loans are used for are cattle-breeding, farming, viticulture, purchase of agricultural machinery and construction and renovation of agricultural facilities.
Client loyalty is strong: only 10% of clients opt out every year. Through an online and brochure campaign titled “Borrow wisely”, ECLOF Armenia promotes financial literacy among clients.
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