Farayil is a 51-year-old man. He is married and has three children. He breeds sheep and cattle and has 10 years of experience in this field. During these years, Farail has acquired the knowledge and skills required for the business.
Farayil purchases lambs and calves in the central livestock market and raises them. Sheep raising takes about 3-4 months and cattle breeding takes 5-6 months. After fattening the animals, he resells them for a profitable price in the Imishli livestock bazaar. Meat is in very high demand in Azerbaijan and people use it in everyday dishes like pilau and dolma.
This business require a lot of physical strength and Farail spends most of his time in the open air. His wife helps him to feed the animals. His monthly income is 200 AZN and Farail wishes to increase it. As meat is in high demand, he needs more capital to put into his business and cover the market. For this purpose, he has applied for 1500 AZN. He will use the loan to buy 6 sheep, 2 calves and 1 cow.
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.