Rafayel is 54 years old, married and has three children. He has been breeding cattle and sheep for the last 10 years. During these years he gained necessary skills and knowledge for effective management of his business.
He usually buys small calves, raises and fattens them for five to six months and then resells them for a profit at the livestock bazaar. His monthly income is 250 AZN and this business is the only source of income for his family. Beef is in very high demand in Azerbaijan and people use it in everyday dishes like pilau and dolma. He also sells fur because local people make blankets from it.
Now Rafayel would like to buy more animals and for this purpose he applied for a loan of 1500 AZN. He will buy two cattle and six sheep. This will be his second loan with AqroInvest and he has a positive 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.