Ixtiyar, 47 years old, is married and has three children. He has been growing fruits and vegetables in his garden for the last 10 years. He is a very experienced farmer and has deep knowledge of the land and how to operate it.
Ixtiyar usually raises seasonal fruits and vegetables and sells them for profitable prices in the central bazaar. Fresh fruits and vegetables are very popular and in high demand because people prefer to eat them every day and consider them very healthy. Also, one of the favorite national dishes is dolma, which is made of fresh eggplants, peppers and tomatoes. Ixtiyar's monthly income from his business is 150 AZN, and it is the only source of income for his family.
Ixtiyar would now like to invest more capital in his business and purchase seeds and fertilizers. He has therefore applied for a loan of 1,500 AZN, which he hopes will improve his family's life. This will be Ixtiyar's third loan and he has 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.