Agaseyid is a 59-year-old man who is married with five children. He has bred cattle for the last 30 years. After several attempts to find a job, he gave up and decided to start his business. With the help of his wife, he purchased his first cattle.
Agaseyid usually buys small calves, raises and fattens them for 5-6 months, and then resells them for a more profitable price in the livestock bazaar. His monthly income is 100 AZN and this business is only one source of income in his family. Beef is in very high demand in Azerbaijan and people use it in everyday dishes like pilau and dolma. Agaseyid also keeps milking 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 1,200 AZN loan to purchase two cattle and one milking cow. This will be his third 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.