Hafiz is 45 years old and married with three children. He sells food products such as macaroni, butter, cookies, sugar and beverages in his shop. Hafiz has 16 years of experience in this field, which makes him a knowledgeable and skilled person.
The food products he sells are very popular among people and are in high demand. His monthly profit from selling foods is 120 AZN. His wife helps him to sell products in the shop. He is a very successful entrepreneur because of his good location in the central bazaar of his home city.
The profit he earns is not enough to reinvest in the business and covering customer demands is suffering for this reason. Being only one source of income, his profit is used for family needs. Hafiz would like to increase his sales and invest additional capital in the business. For this purpose, he applied for a loan of 2,000 AZN. He will purchase and diversify additional foodstuffs. This will be his fourth loan and he 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.