Sevindik is a caring and self-sacrificing father of 44 years old. Ever since he was very young, he has been around people who make a living by raising animals – and thanks to this knowledge, he has dedicated himself to raising and selling cattle, a skill that he learned from his parents. With experience gained over time from buying and selling these animals, he has been able to bring stability to his family. His monthly profit from animals is $240 USD. Now he would like to increase his supply of capital in order to acquire more cattle. To make this possible, he has applied for a loan of 1,000 AZN to buy more cattle, and thereby increase the wellbeing and security of his family.
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.