Farman is 54 years old and father of 4 children. He is a hard-working person who takes care of his family by doing business in animal husbandry. Farman grows cattle and raises them to sell meat. He has been in this business for 15 years. Farman's wife supports him in the business. Besides taking care of the children at home, she helps with feeding the cows and milking them. The business takes a lot of effort, but together they run it successfully.
Farman sells the meat in the central bazaar, where the demand for meat is high. People in Azerbaijan consume meat a lot, because it is used in most dishes. Some traditional meals like kebabs, dolma and others require beef in their preparation. His profit is 120 AZN monthly.
Farman is applying for new loan of 2,000 AZN, in order to expand the business by buying new calves. He plans to grow these calves, fatten them and sell more meat for the coming traditional holidays, when the demand for beef will increase.
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.