Eldar Q. is 48-year-old married man with three children. He raises seasonal fruits and vegetables and sells them. The biggest problem Eldar faces is that pests have affected his crops, and he does not have enough money to deal with the problem. He has been working in agriculture for eight years. He is requesting this loan in order to use it for his crops, thus thwarting losses. Agriculture is his family’s source of income. For this reason, Eldar applied for 1000 AZN. He already has successful loan history with AqroInvest and KIVA.
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.