Tofiq is 60 years old, married and has seven children! He breeds cattle for milk and meat purposes. Tofiq has 20 years of experience in this field. He is an internally displaced person (IDP) and lives in Bilasuvar IDP Settlement. The income his business generates is 150 AZN per month. Meat and milk are the most popular products in Azerbaijan and to meet customer demand, Tofiq want to buy more cattle. For this purpose, he applied for a 1500 AZN loan. It will be his second loan from AqroInvest CU and he has a good client 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.