Nariman is a 44-year-old man and married with four children. He is an IDP (internally displaced person) and lives in Bilasuvar IDP Settlement. Nariman has bred cattle and cows for the last 10 years. He is on pension, which is too low to cover family needs.
Nariman usually buys small calves, then raises and fattens them for 5-6 months and resells them at a more profitable price in the livestock bazaar. His monthly income is 100 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. Nariman also keeps milk cows for personal use and for selling to neighbors.
He wants to expand his business and improve the life conditions of his family. He has applied for a 1,200 AZN loan to purchase a milk cow, a head of cattle, and fodder. This will be his 2nd 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.