Maqsud is a 45 year-old man who raises cows and sells milk and dairy products. He has 15 years of experience. Maqsud is married and has two children. His wife actively helps him to run the business. He usually sells milk to local vendors as well as to neighbors. His monthly income is 400 AZN.
Milk and yoghurt are the most popular products in Azerbaijan and people use them almost every day. The demand for milk which Maqsud sells is also very high because of the good quality and as it is always fresh. He has applied for a loan of 2,000 AZN in order to purchase three milk cows and increase his milk sales. Maqsud has a good client history and this will be his second loan with Kiva partner AqroInvest CU.
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.