Saftar is a 23-year-old single man. He has been breeding cattle for the last 5 years. After several attempts to find a job he gave up and decided to start this business. With the help of his brother, they purchased the first cattle.
Saftar usually buys small calves, raises and fattens them for 5-6 months and then resells them for a profitable price in the livestock bazaar. His monthly income is 180 AZN and this business is the only source of financial income in his family. Beef is in very high demand in Azerbaijan, as people use it in everyday dishes like pilau and dolma. Saftar also keeps milk cows for personal use and for selling milk to neighbors.
He wants to expand his business and improve the living conditions of his family. He applied for a 1,500 AZN loan to purchase two cattle and two milk cows. 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.