Normicro, the third largest microfinance institution in Azerbaijan (by number of clients served), is a fast-growing and profitable microfinance institution with growing outreach and social impact. Normicro evolved into a modernized and sophisticated commercial entity, increasing its loan portfolio from $2.6 million in December 2006 to more than $10 million in June 2008. With an initial loan of $750,000, MicroVest has invested in Normicro to strengthen its capital structure and support its continued transformation.
As a result of the Armenian – Azerbaijani conflict, Hashimova Terana was forced to relocate to the Beylagan region. Terana decided to start a business of selling women’s clothing in the local market. In 2002, she applied to Normicro Beylagan branch for a loan to expand her business and received her first loan of $200. Six years later, Terana has her own successful and sustainable business.