Alibala is a 60-year-old man who is married with two adult children. He is the owner of a barbershop and has 30 years of experience in this field. Given his long years of experience in this business he already has a lot of customers. He says that the secret of his success is his friendliness and professionalism.
His monthly income is 170 AZN and his total income, including his pension, is about 300 AZN. However, this is not enough to cover his family needs and to help his grandchildren. Hence, he would like to increase his income. For this purpose he applied for a loan of 1,500 AZN. He will buy new tools and improve his work conditions to attract new clients. This will be his third loan and he had good loan 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.