Teymur is a 38 year-old man who has had a car repair service for the last three years. He is married and has three sons. Teymur started his business when his father asked to join him. Now Teymur works with his father. His monthly income is 330 AZN. He would like to purchase new working tools to be able to repair international cars and not only Russian ones. For this purpose he has applied for a loan of 1,000 AZN. He has already demonstrated himself as 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.