Rafiq is a 55-year-old married man with three children. He has been engaged in cattle breeding for the past six years. During these years, he gained the necessary skills and knowledge for effective management of his business. He usually buys small calves, raises and fattens them for 5-6 months, and then resells them for a profitable price in the livestock bazaar. He also makes homemade yoghurt and sells it, together with fresh milk, to his neighbors. His monthly income is 144 AZN. This business is the only 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.
Now Rafiq would like to buy more animals. For this purpose, he applied for a loan of 2,000 AZN. He will buy three calves and one milking cow. This will be his third 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.