Eldaniz is 34 years old. He is married and has two sons. Eldaniz sells construction materials made of wood and steel. These kinds of materials are very popular for private house constructions and general buildings. He has 10 years of experience in this field, which considers him a knowledgeable and skilled person. His wife helps him to sell materials because the storehouse is located in his back yard. Eldaniz also raises fruits and vegetables in his garden and sells them in the bazaar.
His monthly profit from both his businesses is 320 AZN. He would like to expand both of them, and for this purpose he applied for 1400 AZN. He will spend 1000 AZN for buying additional materials and 400 AZN for seeds and fertilizers. Eldaniz 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.