Furuz started its micro-credit business in 2006. The main activity is the provision of high-quality financial services with a focus on the development of micro and small businesses in all regions of Tajikistan. Furuz provides individual small business and consumer loans to micro and small enterprises and farmers operating in regions of Tajikistan that have limited access to traditional bank financing. The company provides financial services through its network of seven regional branches. With an average loan size of $784 (110 percent of per capita GDP), Furuz serves a lower and middle tier of the economy, including previously unbanked micro-entrepreneurs as well as promising small businesses with the potential to provide employment.

Client wellbeing and client protection are high priorities for Furuz, including appropriate product design and delivery, prevention of over-indebtedness, transparency and responsible pricing, and fair and respectful treatment of clients. Furuz supports gender equality both at the company level and at the state level, contributing to the development of women’s entrepreneurship in the country as a whole. 36 percent of employees are women and more than 28 percent of customers are women.

Today, Furuz is at the stage of obtaining a micro-deposit organization license, which will expand its product line for the population and diversify its sources of income.

The goal of the Central Asia Impact Fund’s (CAIF) $300,000 loan to Furuz is to support low-income and socially vulnerable groups in Tajikistan by ensuring steady access to affordable, high-quality financial services. This goal is especially important given the severe liquidity challenges faced by medium-sized MFIs as a result of the COVID pandemic. Despite COVID’s disruptions, Furuz has maintained profitable operations and reasonable delinquency and restructuring rates as they continue to responsibly work with clients to regain their footing and recover to pre-COVID levels of income.