Ahliman A. is a 42-year-old trader who sells different types of electrical appliances, such as vacuum cleaners, kettles, and meat choppers. He has 15 years of experience selling electrical goods. His business is the only source of income for his family. Ahliman is married and has three children. His dream is to provide his children with best education and pass his business to one of his two sons.
Ahliman would like to expand his business so he applied for a $1600 USD loan to purchase more merchandise to sell.
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.