Vazirkhan is a 54-year-old man who is married and has five children. He has been running his business for the past eight years, and he earns about 250 AZN per month. Vazirkhan sells fruits and vegetables in the local bazaar. He plans to use this loan in the amount of 1000 AZN to invest in his business. Vazirkhan hopes to invest in the purchase of additional seeds, seedlings, and young crops to raise. His goal is to expand his business and provide a prosperous lifestyle for his family.
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.