Shaiq A. is a 46-year-old family man. He is father to one son and two daughters who attend school. Shaiq lives with his family in the Marzali village, Imishli region. He is a hard-working man who makes a living breeding cattle and selling meat and dairy. He has been involved in this business since 2005 and his father helps him in it.
This is Shaiq’s second loan from Aqroinvest. He successfully repaid his first loan. Shaiq used the loan of 1000 AZN to buy one cow. Now he has two cows but after repaying this loan he would like to take out another loan to buy four more cows. Shaiq is very thankful to Aqroinvest and KIVA for the opportunity to expand his business so his family can make a better living.
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.