Hazrat M. is 22 years old, young, married and diligent man. He was born in Saatli and now lives there with his young wife and infant-aged son. He began to raise livestock two years ago, and his father taught him how to do the work. Now he has two dairy cows and monthly income of family is nearly 200 AZN. The profit from his cattle-breeding business is the only source of income of family. His wife actively helps him in farming. This is his first loan from Aqroinvest and Kiva. He used this loan of 2000 AZN to buy three cows and feed for them. He needs the loan to buy three young cows and thus increase his herd. Hazrat's goal is to become the biggest cattle owner and thus be able to give his wife and child better living conditions.
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.