In July, 2005 during the CARD Foundation Strategic Planning meeting the head of the Foundations Loan Department Armen Gabrielyan presented a proposal on developing a cooperative lending institution with the owners, users and beneficiaries being Armenian farmers, agribusiness persons and SME owners.  Since the US  Department of Agriculture (USDA) was providing financial support for the implementation of various agricultural programs in Armenia through CARD they submitted the proposal for the preliminary review of  the US Farm Credit System (FCS) and the Farm Credit Administration (FCA) experts in November, 2005.

In September, 2005 within the scope of United States-Armenia Economic Task Force held in the U.S. the RA Minister of Agriculture met with USDA Secretary of Agriculture and leaders of the Farm Credit Administration (FCA). After becoming familiar with US Farm Credit System cooperative lending principles and results a bilateral oral agreement was agreed upon by the RA Ministry of Agriculture and USDA to investigate the creation of an independent and sustainable rural cooperative financial system in Armenia supported by USDA.

Starting in November 2005 FCA launched a program of technical assistance upon the request of USDA FAS to further explain and explore how the U.S. Farm Credit System’s working principles and specifications would work in Armenia. The monitors were from FCA and they endorsed the idea and the needed support was provided for the establishment of a “Farm Credit Armenia” cooperative credit organization in Armenia.

From September 23 to October 23, 2006  FC staff members had training in the U.S. During the introduction to Farm Credit System the participants visited the Farm Credit of the Virginias, AgFirst Farm Credit Bank of Columbia, SC, U.S. farms.

Farm Credit Amenia founding meeting was held with 57 farmers and the Trust Foundation of U.S. Farm Credit System, a board of directors and nominating committee were elected. The Board of Directors is composed of one person from each of 5 marzes and an independent Outside Director. The Chairman of the Board is Seryozha Hayrapetyan and the Chief Executive Officer is Armen Gabrielyan.

FC was chartered by the CBA in September 2007. FC leased its office at 18 Khajaznuni St. Yerevan, selected its independent director in December 2007, and began making loans to farmers and rural SMEs in December 2007.