Elbrus K. is a good father, hard working, and steadfast in his endeavors as a farmer and in raising animals. Thanks to his wife’s assistance, he is able to care for and feed the animals which he later sells at both fairs and marketplaces in nearby towns. Traveling to nearby towns increases his costs, but that is offset by the higher asking price he gets there.
For this reason, Elbrus and his wife take care to feed them properly in order to bring in more profit. They would now like to increase the number of sheep. In order to buy sheep he needs a loan of 1,606 AZN and promises to be responsible and prompt in repaying it.
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.