Murad is 40 and married with two children. Murad has been engaged in sheep and cattle breeding for the last eight years. Murad usually sells sheep for wool and meat and keeps cows for milk production. Milk, meat and wool sales are his main financial income source, and they make about 300 AZN per month. Now Murad has applied for a 1000 AZN loan to purchase one more cow and sheep. Murad has already demonstrated himself to be 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.