Umid-Credit" Ltd. was founded by "Umid-98" Humanitarian & Social Support Center and officially registered by the Ministry of Justice of the Azerbaijan Republic in January of 2003.

By founding "Umid-Credit" Ltd., "Umid-98" HSSC aimed at handing over its economic activities to UMID-CREDIT and extending its economic performance through forming self-funded credit agency.

The goal of "Umid-Credit" Ltd. is to disburse credits to vulnerable families in order to extend their entrepreneurship activity, to foster the creation of benefit-generating fields by small groups and individuals and extension of existing business fields.

"Umid-Credit" Ltd. elaborated and confirmed its internal rules on documentation, disbursement and control of credits based on the Law "On Banks and banking activities" of Azerbaijan Republic and normative documents of the National Bank of Azerbaijan Republic in order to launch its credit activity. These rules cover UMID-Credit's competency in providing credits, types of credits, period, terms of repayment, interests, collateral and its types, evaluation of the collateral etc.

UMID-CREDIT plans to start its activity in Sumgait since it knows well both the area and employment sectors of the people of the area. 9 projects, which covered directly more than 1300 beneficiaries, had been implemented in Sumgait (including Sari-Gaya and Tagiyev settlements) for the purpose of extension of economic opportunities of the people up to date. At present, 486 people are benefiting from 2 economic projects ("Saving & Credit", "Providing individual loans through Community Committees") implemented in Sumgait. They are real clients for UMID-CREDIT, based on the fact that both of the projects will complete in June' 2003. Please note that participants of weekly or monthly meetings were informed that UMID-CREDIT will start its activity in recent days. "Umid-Credit" Ltd. prefers providing credits to communities and small groups using the experience of "Umid" HSSC, its founder. This will promote community's active participation in building the civil society and reducing risks during the usage and repayment of credits, as well as the development of relations within the community.

UMID-CREDIT puts forward to organize its activity in compliance with demands of current credit market, to establish strong financial (credit) base and work in cooperation and sound rivalry with non-banking credit agencies performing work in Azerbaijan alongside with the extension of economic opportunities of the vulnerable people. For this purpose, it will try to establish and develop the relations with international financial agencies, involve new finances and increase the fund continually.

It was approached to the National Bank of Azerbaijan Republic for the purpose to receive a license to launch its activity. License is expected to be received in the nearest future.