Qadiraga is 50, married, and has three children. He sells veterinary medicines and supplies in his own drug store. He has 10 years of experience in this field. His son helps him to sell his goods. Qadiraga is a very polite and friendly gentleman who always knows all of his clients by name. His monthly income is 120 AZN. His business is very profitable because a majority of the people living in his city, and in the region, are engaged in livestock breeding. He would like to expand his business to be able to meet customers’ demand. He applied for a 1,300 AZN loan to do that. Qadiraga 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.