Ali is 55 years old, married and has 6 sons! He works in animal-husbandry. He has cattle and sheep. He purchases the cattle in the local market and then he breeds and sells them. The cattle are kept in the house and it takes a lot of effort to care for them. Every day, Ali gets up early in the morning to feed his animals and all day, until late at night, he is busy looking after the cattle.
He provides the markets with meat and his family with the necessary food. Ali wants to buy young cattle and needs money so he decided to apply for a loan of 1500 AZN. Ali has already demonstrated himself to be a good client with a positive credit history with three previous loans.
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.