Vidadi is a 39-year-old man who is married and has four children. He is IDP (an internally displaced person) and lives in the Bilasuvar IDP settlement. Vidadi has bred cattle and cows for the last eight years. He works as school teacher and his salary is 120 AZN, which is too low to cover family needs.
Vidadi usually buys small calves, raises and fattens them for five or six months and then resells for a more profitable price in the livestock bazaar. His monthly income is 200 AZN and this business is the main source of financial income in his family. Beef is in very high demand in Azerbaijan and people use it in everyday dishes like pilau and dolma. Vidadi also keeps milk cows for personal use and for selling to neighbors.
He wants to expand his business and improve the living conditions of his family. He applied for a 1,400 AZN loan to purchase one milk cow, two cattle and fodder. This will be his third loan from AqroInvest CU 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.