Ramil is 33 years old. He is married and has two children. He is a small-business entrepreneur who sells different kinds of foods as well as detergents, like soap, shampoo, toothpaste, shaving cream and washing powder, and many other foodstuffs in his store. Ramil is not alone in this business. His wife actively helps him with sales. His monthly profit is $160 USD and he is on the way to increasing it. His business is very successful because of a good location in the central Sabirabad bazaar.
Today, Ramil is requesting a loan of 1500 Azerbaijani New Manat (AZN) to increase his stock. He is ready to work even harder, make sacrifices and push every once in a while to achieve his goal and become a successful entrepreneur. Ramil has already demonstrated himself as a good client with a positive credit history.
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.