Rza is a 56-year-old man who has been in the business of animal sales for the last 10 years. Rza breeds cattle and sheep for meat; he also sells milk and dairy products. Rza`s monthly income is about 150 USD. He would like to expand his business and purchase more cattle and sheep. Meat is in very high demand among Azerbaijani people, especially in the summer when there are a lot of wedding parties. Rza would like to take this chance to purchase as many animals as he can. This will be Rza's fourth loan from AqroInvest.
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.