Rashad A. has a successful business selling food items. He started his business about 2 years ago, as an additional source of income. His primarily business is livestock breeding. Rashad purchases products, at very low prices, and then resells at a profit. Because he sells in bulk, he deals with a high inventory turnover rate. He has requested a loan of 1000 AZN to increase his business capital. This loan will give him the ability to purchase more products to sell, enabling him to increase his profits and to continue operating a profitable business. Rashad is going to use his loan also to purchase one cow.
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.