Babak is a 46-year-old trader who sells beverages and food. He has five years of experience in this field. Babak is very polite and friendly and his attitude to customers makes his business very successful. His monthly income from his business is 300 Azerbaijani manats (AZN). He is married and has four children. He wishes to increase his income which will allow him to improve life conditions of his family. For this purpose he applied for a loan for 1700 AZN. He will use the loan to purchase and diversify goods in his shop. This will be his third loan 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.