Baxsali is a 51-year-old man, married with three children. Baxsali has been breeding cattle for the last 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.
Baxsali usually buys small calves, raises and fattens them for 5-6 months, and then resells them for a more profitable price in the livestock bazaar. His monthly income is 300 AZN, and this business is 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. Baxsali also keeps dairy cows for personal use and for selling to neighbors.
Baxsali wants to expand his business and improve the life conditions of his family. He applied for a 2,000 AZN loan in order to purchase two cattle, two dairy cows and fodder. This will be his second loan, and he has a good client history.
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans.