Safar H. is a 33-year-old trader. He is married with two small children. He is a entrepreneur who sells various kinds of foodstuff, such as cookies, candies, soft drinks, juices, macaroni, and detergents, in his grocery store, which he built eight years ago. Currently Safar has about 500 AZN in inventory. His monthly net profit is about 300 AZN.
Now he needs a loan of 2,000 AZN in order to increase his stock of goods. He promises to repay the loan within the expected term and expresses his gratitude to everyone supporting him.
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.