Telman is 45 and lives with his wife and children in their own house in Agsu. Telman started his beekeeping business in 1998, and it's improving a lot. He sells his product, honey, in the local market. When he first received a loan from AqroInvest in 2010, he made a good profit and the loan was useful to him. He has applied to AqroInvest and Kiva for his second loan of 1500 AZN to buy modern supplies. Telman dreams of seeing his production grow, to generate more profits and to be able to provide his family with a better quality of life.
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.