Farman is a 46-year-old farmer who breeds and resells cattle and dairy products in a small village in Saatli region. He is married and has two sons. Farman usually buys cattle and breeds them for six months. After that, he resells them in the livestock bazaar. Milk selling is also one of the sources of additional income for his family. His profit from both businesses is $200 US. Now Farman would like to purchase one more milking cow and cattle to increase his profit. For this purpose, he applied for 1100 AZN. This is his second loan and Farman promises to repay as good as the first time.
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.