Rana is 26 years old. Together with her husband, she has raised three children. Rana is an experienced bread baker. She has been doing this business for more than five years. She bakes the traditional bread at home. Having many customers, Rana is selling the majority of her products just from her home. Her monthly profit from selling bread is about $200.
Now, Rana is requesting a loan of 1,500 Azerbaijani New Manats (AZN). She is good client of AqroInvest, and once before, she had a loan from Kiva through AqroInvest. She is planning to purchase flour, which is the basic requirement of her business, at a wholesale price. AqroInvest CU has been a fundamental part of Rana´s business, having provided loans that have been used to improve her business.
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.