Tofiq B. is 54 years old. He is married with four children. Tofiq has a small café where he sells breakfast, lunch, dinner and tea. Prior to opening his own business, he worked at a restaurant where he learned the ins and outs of the trade. He started his business seven years ago.
When Tofiq first started his business, he only opened to sell tea. Once his place became more popular, he was able to dedicate his whole time to the business.
Tofiq wants the loan so he may invest in tables, chairs, and utensils. He is asking for a loan of 1000 AZN. With this money, Tofiq will be able to expand his business, to earn more profit, and in turn improve family living conditions.
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.