Rauf is a 57-year-old man who sells garden tools and has 5 years of experience in this field. Rauf is married and has two daughters. The products he sells are very popular because the majority of people in his region are engaged in farming. Rauf`s profit from the business is 300 AZN. AqroInvest CU has been a fundamental part of Rauf`s business, having provided loans which were used to start his business. He would like to expand his business and applied for a 1500 AZN loan to purchase more items for sale in his garden tools business.
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.