Rural Needs in Armenia and the Turpanjian Rural Development Program

Abstract: In 2006, Gerald Turpanjian donated $5 million to the American University of Armenia (AUA) for encouraging economic development in rural areas. As a result, the Turpanjian Rural Development Program was created to provide education and assistance to rural entrepreneurs. An executive committee was formed from AUA faculty and staff, chaired by AUA President Emeritus Dr. Haroutune Armenian. The committee gradually developed the current approach and process of offering training, access to financial assistance, and consultation to rural entrepreneurs. As a rural development program implemented by a university, AUA-TRDP is unique in Armenia. The program operates by offering education, consultation, and funding to beneficiaries. The AUA Extension Program has adapted existing materials and curriculum with the guidance of the AUA School of Business and Management to create a training course that covers the basics of marketing and finance and prepares beneficiaries to write their own business plans. In addition to providing a practical business education, the program offers financial assistance by helping entrepreneurs obtain bank loans. Beneficiaries present their business plans to a jury, made up of bank representatives, local rural development NGOs, program leaders, and trainers, and the bank makes the final decision whether to grant the loan. After beneficiaries have their loans approved, AUA-TRDP continues to support them with monitoring and mentoring. This ...

View Count: 0 Date: January 20, 2012