Elekber is a cattle breeder with 10 years of experience. He is married and has two children. He usually buys small calves to raise and fatten them. After five or six months, he resells the cattle at the local livestock bazaar. His monthly profit it 300 USD. Cattle breeding is only one source of income for Elekber`s family.
Lending services from AqroInvest CU have fostered the expansion of his small venture. Now he has applied for a 1,000 AZN loan to purchase more cattle and increase his monthly profit. This will allow Elekber to improve the living conditions of his family.
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.