Elkhan N. rents a small store where he sells veterinarian drugs. These products are very popular in his area. Most of the people in his region own livestock, which require a lot of inoculations and other medical care. Elkhan's business helps local farmers provide medical care for their livestock. He has many regular clients. Elkhan purchases goods every week. He is requesting this loan to purchase more products to sell so that he can increase his profit.
Elkhan is married and has six children. It is very hard to provide for a large family, so Elkhan applied for 1000 AZN to invest in his business. He wishes to educate his children and hopes that someday they’ll become good members of society.
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.