Sanan is a 48-year-old market vendor who has been selling cosmetics for the last 14 years. Sanan is married and has two sons. His wife actively helps him to run the business, and they have a lot of customers. His business brings in a stable income of 200 Azerbaijani manats (AZN). This is the only source of finances for his family. Sanan would like to expand his business and buy additional merchandise. For this purpose, he applied for a 1500 AZN loan.
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.