Farac is a 41-year-old married man with two children. He was unemployment for several years and to improve his situation he started a farming business 9 years ago. Now this is the main source of income for his family.
Raising and selling fresh fruits and vegetables brings stable income and is in high demand among the Azerbaijani people. Fresh vegetables are good for national dishes like pilau and dolma. Fresh fruits are favorites for punch. Farac usually sells his crops in the central bazaar and his profit per month is 300 AZN.
Farac decided to expand his business. For this purpose, he applied for 1500 AZN in loan. He will buy seeds and fertilizers to increase his crops and cover his customers' demand. This is Farac's second loan and he has a good client 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.