Sabir M. is a married, 54-year-old man. He lives in the village of Sarkhanli in the region of Imishli. Sabir has two sons and one daughter. He started his cattle-breeding business in 2004 with the help of his wife.
This is the first loan Sabir received from Aqroinvest and KİVA. He plans to use this loan of 2000 AZN to purchase one cow and build a stable for the three cows he now owns. He sells dairy and meat produced in his cattle-breeding business in the Imishli bazaar. This is his only source of income.
Sabir is a hard-working and honest man. After repaying this loan Sabir plans to expand his business by taking out another loan and buying eight more cows.
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.