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Success Story
Access to credit allows
a young man to open his
own business
Credit Unions Open New Opportunities
Photo: Mador Credit Union
Gairatjon Otajonov (on the right) at his
bakery in Kokand, the Ferghana Valley.
Using loans from a USAIDsupported
credit union, an
enterprising Uzbek opened
his own business, created
new jobs, and improved his
family’s welfare.
Today Gairatjon Otajonov, a member of Mador Credit Union in
Kokand City, the Ferghana Valley, runs his own bread-baking
business. Yet just recently this man was working as a flour
salesman in a small shop and, despite his dreams to open a
bakery, had no hope to become his own boss any time soon.
About a year ago, he learned from a friend about the opportunity
to become a member of a credit union. He successfully passed
the loan underwriting process at the Mador Credit Union and
received his fi rst loan. Otajonov invested the money in two
traditional Uzbek bread ovens – tandirs – and started baking
bread to sell with the help of one employee. Otajonov’s bread
soon earned popularity among the clients, and the bakery
started bringing in steady revenues.
Otajonov repaid his first loan ahead of schedule and then
applied for a second loan from Mador Credit Union to expand
the business. To keep up with increasing demand for his bread,
Otajonov hired three new employees, bought a car to deliver his
products, and increased the business daily turnover to 10 flour
bags.
“Every day we produce about 1,200 lepeshkas and sell them to
5 (restaurants) in our area,” said Otajonov.
Additional staff has enabled Otajonov to hand over the baking
side of the business to his employees and focus attention on
managing the business. Otajonov enjoys being his own boss
and appreciates the higher income he is able to bring home.
“The money earned from the expansion of my business paid for
the renovation of my house,” says Otajonov.
The Mador Credit Union is one of 46 Uzbek credit unions
established with support from the USAID-funded Savings and
Credit Unions Development project. The credit unions provide
access to affordable financial services and support to small
business development across the country. The USAID-funded
project helped begin the credit union movement in Uzbekistan
and provided extensive assistance to their growth and
strengthening of their services.
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