Samir I. has raised cattle and farmed for 10 years. He has a daughter and the responsibility of providing food for his home. He has been able to improve his family’s financial situation thanks to the excellent care that he has given his animals. Today Samir needs to buy calves to raise so he can raise and sell them at the optimum time. Samir is requesting a loan from AqroInvest Credit Union to buy these animals and raise them so that, in time, their sale can support his family.
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.