Hafiz is a 57-year-old man who has engaged in milk and dairy product sales for the last 6 years. He sells dairy products in the local bazaar. This is the only source of income for the family. That’s why Hafiz would like to expand his business and purchase additional two milkier cows. To do that he has applied for a loan of 1800 Azerbaijan New Manat (AZN) loan.
This will be his fifth loan and he has a good credit history. Now he applies for 1800 AZN from AqroInvest and Kiva. After he repays this loan he plans to apply for more loans to grow his business.
Aqroinvest Credit Union was founded by a group of 32 Imishli farmers in 2001, and has grown to become one of the largest credit unions in Azerbaijan. It boasts a portfolio of nearly $5 million and is wholly owned by its more than 3,500 borrowers, as of December 2011.