Jalal is 52 years old with three children and a wife. He is growing cattle in order to sell the meat in the central bazaar. He has been doing this business for 17 years together with his wife. Currently he is retired and has a monthly pension of 150 AZN per month. This is insufficient for taking care of his family’s financial needs, so that’s why he has dedicated himself to this business.
Jalal’s is selling his meet in the central bazaar to local butchers and the regular customers. Beef is in high demand in the region because it is used in everyday meals like kufta, bozbash, etc. Also during holidays people consume beef meat a lot, which helps him to earn more profits.
He has taken loan from Aqroinvest three times previously and has a good loan history. His fourth loan is 2,000 AZN and he plans to buy four calves with this money, to fatten them and then sell their meat. He is very optimistic about this loan, because of his familiarity with details of the business he is doing.
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.