Farkhad A. is from Sabirabad. He is 49 years old, married, and is blessed with two sons. The high aim for Farkhad is to provide a better life for this family and to give a good education to his children. His wife helps him in this goal. They are a very diligent family.
To improve their living, Farkhad has been engaged in a trading business for over 10 years. After the first loan taken out from AqroInvest and Kiva, the income of his family increased up to 500 AZN per month. Farkhad was able to open a new grocery store. He is very thankful for the support rendered to him.
With the help of this second loan in the amount of 1500 AZN, Farkhad stocked the shelves of his store with more goods. After he repays this loan, he plans to apply for more loans to grow his business and to enlarge his new store.
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.