Arshad K. is 52-year-old trader who keeps his own food store in the small village of Imishli. He has run this business for over 15 years. Arshad is married and has two sons. He wants them to become successful entrepreneurs in the future and eventually take over his business. Arshad does his best to make his business as successful as possible. He would like to expand his shop and increase number of goods he sells. To fulfill this goal he has applied for a $3000 loan.
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans.