Elman is 51 years old. He has 8 years of experience in the beef business. His wife is a housekeeper and Elman is the sole breadwinner in his family. Due to this way of life, this father works hard every day to support his family with the best quality of life he can afford.
His butcher shop supplies large amounts of meat to the population of his city. Elman buys cattle in the market and sells their fresh meat daily to his customers. Due to high demand, this man seeks a loan of 1,000 AZN to invest in more cattle so he can have enough product to meet his customers' demands.
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.