Mazakhir K. is 51 years old man who is an independent businessman who is engaged in various activities. In 2004 he started a small retail business along with construction materials sales and now he has his own shop where he sells electronic goods.
He is married and has two sons who actively help him in his business. From the first loan he was able to generate enough income to open his own shop. Now he has two businesses: construction materials sales and electrical goods sale. The shops brings him stable income and he is going to enlarge it. Now Mazakhir has applied for 1,000 AZN to increase the inventory.
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.