Rizvan is 42 years old, married, and has two sons. He sells food products such as macaroni, butter, cookies, sugar, jam, and beverages in his shop. Rizvan has four years of experience in this field and is a knowledgeable and skilled person.
The food products he sells are very popular and in high demand. His monthly profit from selling food is 150 AZN. His brother helps him to sell products in his shop. He is a very successful entrepreneur because he has a good location in the central bazaar of his home city.
The profits he earns are not enough to reinvest in his business and, for this reason, meeting customers` demand is difficult. He uses his profits to meet his family's needs. Rizvan would like to increase his sales and invest additional capital in his business. So, he has applied for a loan of 1800 AZN. He will diversify and purchase additional food stuff. 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.