Vasif A. is a 34-year-old man from Sabirabad, Azerbaijan. He is married and has two school-aged children. He supports his family by operating a grocery store. Vasif sells a variety of goods. He started his trading business in 2008 with the help of his family.
This is Vasif's first loan with Aqroinvest and Kiva. He used the loan in 1500 AZN to buy a wide variety of products. He has many dreams for the future. He plans to expand his business, enlarge the store, and have more customers in the area. He is grateful for the support provided to him because it has already allowed him to grow his business. He now earns an average monthly income of 500 AZN.
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.