Farman is a 46-year-old farmer who breeds and resells cattle and dairy products in a small village in Saatli region. He is married and has two sons. Farman usually buys cattle and breeds them for six months. After that, he resells them in the livestock bazaar. Milk selling is also one of the sources of additional income for his family. His profit from both businesses is $200 US. Now Farman would like to purchase one more milking cow and cattle to increase his profit. For this purpose, he applied for 1100 AZN. This is his second loan and Farman promises to repay as good as the first time.
Aqroinvest Credit Union was founded by a group of 32 Imishli farmers in 2001, and has grown to become one of the largest credit unions in Azerbaijan. It boasts a portfolio of nearly $5 million and is wholly owned by its more than 3,500 borrowers, as of December 2011.