Ibadet A. is a young 22-year-old businessman who lives in Yalavach village, in Imishli town, in the southern part of Azerbaijan. He started his toy business in 2005 and since then his income has considerably increased. He is planning on expanding his business and has ordered a consignment of toys from Moscow (Russia); these include mechanical and educational toys. He has saved some money but is requesting a loan of $1200 USD to make the payment for the first consignment. His entire consignment costs no more than $4,000.
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.