Lamiya is a farmer. She is 21 years old, married, and has three children. Lamiya puts a lot of enthusiasm into the development of her farming efforts because she is aware that it can help her children. Lamiya grows carrots, potatoes, cucumbers and potatoes. She wants to maximize her profits and place her children into a school. Her husband is a workman at construction field. His salary is too small to cover family needs.
Lamiya needs to buy lubricants and mineral fertilizers to recondition the land, and seeds for sowing, in order to have a good harvest in the upcoming season. Her wish to improve the living conditions of her family brings her to request a loan to increase the quality and quantity of her harvest. Lamiya requests a 1,000 AZN loan. She wants to purchase seeds and mineral fertilizer.
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.