Nahid is 26 years old and married. He is an IDP (internally displaced person) and lives with his family in Bilasuvar IDP Settlement. He sells different kinds of products. He sells foodstuffs like candies, cookies, butter, and macaroni as well as hair coloring and some cosmetics stuff. He has five years of experience in this field and gained the necessary skills and knowledge for business.
The products he sells are very popular in Azerbaijan and sell out from his shelves. Nahid`s business brings him 300 AZN profit. It is hard to keep satisfied customers with this income, because Nahid needs to make some savings and can’t put all the income back into the business again. This is the only financial source for his family.
He needs to expand his business and for this purpose, he applied for a loan of 1,500 AZN. He will use the loan to purchase more merchandise for his shop. This will be the third loan from AqroInvest CU to Nahid and he has a good client 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.