Elchin is a 47-year-old man who is married and has three children. He sells fruit, such as pears, oranges, apples, pomegranates and bananas. With the help of AqroInvest CU, Elchin was able to start his own business. He has 10 years of experience and the reason he started his business was poor living conditions and unemployment.
Fruit is very popular among Azerbaijani people and in high demand during year. People like to eat fresh fruit, and this is one of the main desserts for guests. His shop is in the center of the bazaar and people always pass his shop and come in to buy some fresh fruit. His monthly income from this business is 200 AZN. Elchin's son helps him sell his fruit.
Elchin wants to expand his business. He does not have enough stock to meet the high demand. He would like to buy more fruit and vegetables and increase his turnover as well as improve life of his family. For this purpose he has applied for a loan of 1500 AZN. This will be his second loan and Elchin has 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.