Elnur M. is a 30-year-old married man and the loving father of two children. For a year, Elnur has had a small shop near his house where he sells all kinds of household and office supplies. He dreams that his children can get better living conditions, and that is why he is working hard, together with his wife, who always assists him with everything. Elnur's business is successful in bringing considerable income to the family. Today, Elnur wants to expand his business and increase his working capital for purchasing new goods to sell. With this purpose he is requesting a loan of 1,000 AZN.
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.