Elchin has been in the business of cattle ranching for the last eight years. He is only 29 but already a very experienced and successful entrepreneur. He has a good client history with AqroInvest. With his previous two loans, he was able to expand his business and purchase more sheep for his herd. The breeding business requires a lot of dedication and effort, since it requires the strict control of each animal, including feed and care for those that are older. Through this business, Elchin is able to support his family. He applied for a 1500 AZN loan to purchase more sheep and to expand his farm.
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.