Vagif is 52-year-old man who's engaged in raising seasonal fruits and vegetables. He has done this for the last 10 years. He usually sells his crops in the local central bazaar.
Vagif is married and has five children. Together with his wife, Vagif was able to increase his profit and gain respect among his customers. Now he applied for 1,000 Azerbaijani New Mant (AZN) loan to purchase seeds and fertilizers.
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.