Vakhila J. runs a small grocery store, selling a wide variety of foodstuffs, including canned foods, soft drinks, juices, sweets, tea, coffee, etc. She has been in this business for about four years. She is married and has eight children. One of her goals is to be able to improve her living conditions.
Vakhila has requested a loan of $1,200 to buy additional foodstuffs, in order to increase the range of her goods. The loan will help her increase her income and continue to operate a stable, sustainable business.
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.