Elshad, age 42, sells fuel to make a living, specifically petrol fuel, diesel fuel, and car oil. After over eight years of selling fuel, he has gained enough experience to have developed a successful business and a loyal customer base.
Elshad’s business is currently running very well, which is why he wants to expand his business and add a new operation: purchasing and re-selling spare auto parts. With this purpose in mind, Elshad is requesting a loan of 1,000 AZN. He has already established himself as a good client with a positive credit history. Elshad promises to repay his loan properly and on time.
Elshad and his wife have two children.
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.