Aziz is 57 years old, married, and a father of three children. He is raising cattle in order to sell the meat in the central bazaar. He, together with his wife, has been doing this business for 15 years. Currently he is retired and has a monthly pension of 150 AZN per month. This is insufficient to take care of his family’s financial needs, so that’s why he has dedicated himself to this business.
Aziz is selling his meat 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 a lot, which helps him to earn more profits.
He has taken loan from Aqroinvest two times previously and has a good loan history. His third loan is 1,800 AZN, and he plans to buy three calves with this money, to fatten them and then sell their meat. He is very optimistic about this loan, because of his familiarity with the 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.