TURN CHALLENGES INTO OPPORTUNITIES
Elshan Cahangirov is engaged in trade of fruit and vegetables in “Goods bazaar” at Sumgayit city. He mainly whole selling here imported vegetables from Russia and Iran. One day Elshan decides to expand his business and receives the proposal from Iran to import a larger amount of vegetables into the country. Elshan needs additional funding and applies to several banks for a loan, but traditional banks refuse to give him needed 15,000 USD. Based on recommendation of one of the friends Elshan approaches to FINCA and receives within 3 days a loan in amount of 15,000 USD without collateral. He travels to Iran and buys those goods. He keeps onions during 2 months in his warehouse and then sells them, with earned money he opens his second warehouse in fruit-vegetable bazar in Lokbatan area and expands his business.
Upon establishment of good relationships with FINCA Azerbaijan, Elshan tooks in 2014 a second loan in amount of 21,000 USD from FINCA which helps to further expansion of his business.
Devaluation that happened on February 21, 2015 puts Elshan in a difficult situation like other entrepreneurs across the country. He worries a lot that his large amount loan is in USD. In this difficult situation FINCA representative invites Elshan to office and informs him about possibilities of restructuring options. By taking this opportunity Elshan decides to changes his loan currency to AZN without loan term extension.
Currently being active client of Sumgayit branch, Elshan is the one of the most responsible and good clients. Because of the successful partnership with FINCA Elshan confidently continues to go forward in development of his business.