Agagul is 41, married, and sells groceries from his food store. His vending location is well known for good prices that are lower than market prices. Agagul knows his customers' preferences and always offers them only good quality groceries. He has been in the grocery trade for more than 10 years. His business has been marked with consistent stability. He also has a shop where he sells mobile phones and accessories. His total income from both businesses is about 400 USD. Agagul has already demonstrated himself as a good client with a positive credit history.
With the first loan, Agagul was able to open this grocery store. He is hoping to invest a loan of 1500 AZN in additional merchandise, which will help him increase his turnover capital eventually. Agagul has a vision for the expansion of his trade, and we believe it will be helpful in his entrepreneurial endeavors.
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.