Panah is a forty-four-year-old man, married, with three children. He raises fruits and vegetables in his garden and has been doing it for the last twelve years. He is very experienced farmer and has deep knowledge of land and how to manage it. He was not able to find job for several years and than decided to start his own business.
Panah usually raises seasonal fruits and vegetables and sells them for profitable price 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, Dolma, is made of fresh eggplants, peppers and tomatoes. His monthly income from this business is 120 AZN. This is the only source of income in his family.
Now Panah would like to invest more capital in his business and purchase seeds and fertilizers. For this purpose he applied for a loan of 1,000 AZN. As his business is the only source of income in his family, he hopes that the loan will improve his family's life. This will be his third loan, and he has a 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.