Eldar is 51 years old and married with five children. Eldar has been breeding cattle for the past 15 years. After several attempts to find a job, he gave up and decided to start his business. With the help of his wife, they purchased their first cattle.
Eldar usually buys small calves, raises and fattens them for 5-6 months, then resells at a more a profitable price in the livestock bazaar. His monthly income is 90 AZN and this business is the only one 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. Eldar 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 1,600 AZN loan in order 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.