Konul is a 31-year-old woman who has been breeding cattle for the last 5 years. She sells milk and dairy products to the local people. She is married and has one daughter. Konul is an IDP (internally displaced person) and lives in the Bilasuvr IDP Settlement. Her monthly income from milk and dairy product sales is 300 AZN. She would like to expand her business and purchase one dairy cow and cattle. Milk and other dairy products are the most popular products among Azerbaijani people and are in very high demand. Konul applied for 1000 AZN loan to cover market demand as well as to improve the life conditions of her family. She promises to pay back on time without any delays.
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.