Elman is a 51-year-old man on pension, married with two children. He is a market vendor and sells different kind of food products in the central bazaar. Elman has 20 years of experience in this field, so he is considered a knowledgeable and skilled person.
He usually sells rice, pasta, yogurt, ketchup, sugar and other items. The products he sells are in very high demand amoung local people, and they use them in everyday life. His monthly profit is 120 AZN. His spouse helps him update merchandise in his shop.
This business bring sufficient financial income because his pension is only 60 USD per month. Elman would like to cover market demand and increase his sales. Because of this, he applied for 1000 AZN. He will use this loan to purchase more products. He has already demonstrated himself as a good client with a positive 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.