CARD AgroCredit
Information on loans and financial support for agricultural investments
Description
Operated by the CARD AgroCredit Universal Credit Organization, CARD AgroCredit is an online app designed to guide farmers and other crucial stakeholders on the intricacies of loans, detailing the conditions, prerequisites and application procedures. The organization plays a leading role in the provision of loans to a broad spectrum of beneficiaries, including farmers, consumers and businesses. The organization also specializes in the leasing of vital agricultural machinery, tools and equipment to the farming sector. The strategically designed loans prioritize the modernization of production, material collection, production streamlining and the efficient marketing of services/products. Catering to the seasonal requirements of production and trade, the app is fortified with an online loan calculator, making loan calculations more accessible and straightforward.
Technology
The application offers a seamless online experience and can be accessed from any Internet browser.
Target
The app caters predominantly to stakeholders operating in the agricultural domain, including those engaged in farm production and the processing of farm products, alongside related activities. Bolstering its reach, the app offers content in both English and Armenian.
Business model
Though the app is free to use, the costs associated with financial services are contingent on several factors, including the loan amount, term, interest rates and other relevant conditions. As of September 2022, the threshold for the farmers' loan program is pegged at USD 123, with business loans starting from USD 500 and leases from USD 200.
Impact
CARD AgroCredit significantly enhances the financial decision-making ability of farmers and businesses, and ensures their unhindered access to the financial tools that are vital for their investments. By taking advantage of loans for as little as USD 123, smallholders invest in the enhancement of their production methods through the app's specialized farmers' loan initiative. In 2022, in an attempt to ease the access of users to microfinancing, the organization started opening new branches and representative offices closer to potential borrowers.
Partners
Center for Agribusiness and Rural Development Foundation; The European Investment Bank; Microfinance Centre; IFAD; KfW; German-Armenian Fund; Asian Development Bank; Millennium Challenge Account-Armenia Program; Jinishian Memorial Foundation; World Bank Armenia
Four Betters
Better production
