Zamaddin N. is a 54-year-old entrepreneur who has sold various home products for the last seven years. Zamaddin`s shop is very popular among brides as the products he sells are dowry items.
Zamaddin is married and has three children. His elder son helps him sometimes, but this is his family's only source of income. He has applied for a loan in order to increase his income. He wishes to diversify his stock to include home furniture.
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.