Sadiq is a low-income person. He is 38 and lives with his wife and three children. He has a grocery store where he sells foodstuffs. His business is very successful but needs some capital investment to increase its daily turnover. That is why Sadiq has applied for a loan of 1300 AZN. This loan will allow him to buy larger amounts of goods for resale. The additional profit will help him better provide for his family and save more money to build his own shop one day.
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.