Khafiz is 55 years old. He is married and has three children. He is the sole breadwinner for his family, and his only income comes from raising and selling large livestock at the local market. Every six to eight months, he buys baby calves from farms in villages. He raises them with the help of his wife and then sells the grown cattle to local butchers. His monthly income from the business is about 450 USD.
Khafiz is thinking about expanding his business because the income from his present number of cattle is not sufficient to provide for his family. He plans to purchase more young cattle. To do so, he needs to invest an additional 1800 Azerbaijani New Manat (AZN) in his business. This will be the fifth loan from AqroInvest to Khafiz, and he has a good credit history.
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.