Teymur, 33, owns a little grocery store in the local market where he sells a variety of goods. He works with his wife and they have 2 children to support. Teymur has asked for a loan of 1,500 AZN to purchase more grocery products in order to expand his options and increase his inventory. He believes that this will allow him to reach a wider customer base so he can increase his income to help provide for his family. This will be Teymur's second loan and he promises to repay it in a timely manner.
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.