Vugar M. is a 49-year-old man who runs his own store where he sells women’s and men’s clothes and cosmetics. He has eight years of experience in this field. This shop is the only source of income for Vugar`s family. He has three children.
As Vugar’s shop one of the best in the area where he lives, demand for the products he sells is very high. Now he would like to expand his business and purchase more seasonal clothes and some perfumes to increase his profit. For this purpose he applied for 1,600 AZN.
Vugar promises to pay back his loan on time and appreciates everyone who can help him to obtain this loan.
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.