Rafiq R. is a hardworking man who works in the cattle raising business. He is married with four children. He works hard to provide everything his family needs. Presently, Rafiq is sacrificing and working hard to make his business grow. He buys young calves, then raise them and sells for a profitable price to the local butchers.
He is requesting a loan of 1000 AZN that will allow him to purchase young calves. He plans to feed and raise these cows. His goal is to then get the most return from the sale of the cows' milk products. This will be his first loan with AqroInvest CU and Kiva. His experience and our evaluation shows he is qualified to receive the 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.