Azerbaijan, Baku, July 26 / Trend /
In July, 2012 FINCA Azerbaijan's Bakikhanov branch established Agricultural Credit Group Loan for the first time, the organization's press release says on Thursday.
Each participant of the Agricultural Credit Group under the name "Pirshagi", which includes four entrepreneurs engaged in poultry farming and agriculture was given a loan in amount of 800 manat.
Agricultural Credit Group Loan can be useful for entrepreneurs engaged in farming, animal husbandry, production and sale agricultural products. Entrepreneurs engaged in the above areas of production can get a loan by creating a group of four people on the basis of a joint surety and without collateral.
Today Sumgayit, Mardakan, Khirdalan and Bakikhanov branches of FINCA Azerbaijan offer this type of credit product to the entrepreneurs who work in the areas near to Baku.
Bakikhanov branch which has been functioning since 2006 has a loan portfolio of $3 million and provides services to over 2,600 clients. Introducing the minimum number of documents during the short period of time customers of the branch are able to get Solidarity Group Loan, Small and Medium Entrepreneur's Loan, Agricultural Credit Group Loan, Individual Express Loan and Individual Agricultural Loans up to $50,000 .
The official exchange rate is 0.7856 manat to $1 on July 26.