Yaqub is 51, married and has two children. He has been raising and breeding livestock for the last four years. Yaqub follows the scheme of buying baby cattle, fattening it and reselling it for a profitable price in the livestock bazaar. The fattening period lasts from five to seven months. He is a trusted client of AqroInvest CU and already successfully completed three previous loans. Now Yaqub applied for 1,200 AZN to purchase more cattle and increase his monthly turnover as well as improve the life of his beloved 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.