Mirdamat is a single man aged 21. He makes a living selling foodstuffs at his grocery store. His location is very good and he serves many customers because he is willing to work more than 12 hours a day. Mirdamat has been in this business for three years and knows a good deal about it. He is also very punctual and detail-oriented, character traits that help him in his business. Mirdamat can always figure out how much stock he needs so there is enough on hand to meet customer needs yet it is always fresh. Mirdamat 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 and to make savings to build his 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.