Fikrat A. is a dedicated entrepreneur. He is 58 years old, married, and has 3 children. Five years ago he started a small business selling groceries. Fikrat sells different kinds of goods such as beverages, sugar and cookies, as well as home products such as washing powder, soap, etc. He is very friendly and always offers some discounts for his customers.
Fikrat has requested a loan to open a new shop location and purchase more grocery items to sell. He would like to continue expanding his business so that he can increase his income. Fikrat’s goal is to earn enough income to make a small renovation to his old house.
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.