Latifa is 59 years old and married with three children. She sells furniture in the central market and has more than 20 years of experience in this field. Latifa sells home furniture. This is very popular for dowry products among brides and newly married families.
Latifa tries to keep up with demand and always purchases different styles of furniture. Her monthly profit is 50 AZN. Her husband helps her to sell furniture.
Latifa needs to invest more capital in her business to purchase more furniture and diversify her products. For this purpose, she applied for a loan of 1,800 AZN. This will be her third loan and she has a good 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.