Emil is married and has one child. He sells wholesale foodstuffs at his grocery store. His location is very good and he serves many customers because he is willing to work late. In this business for eight years, he knows a good deal about it. Emil is also a very punctual and detail-oriented person, character traits that help him in his business. Emil can always figure out how many supplies he needs to ensure they are always fresh and of sufficient quantity to meet customer needs. Emil has applied for a loan to increase his inventory of items to sell. He will spend the additional income made possible by this loan to improve his living conditions.
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.