Khabib is a 47-year-old trader. He is married and has two sons. He sells fresh fruits and vegetables in the central bazaar. He has five years of experience and has gained the necessary skills and knowledge for business.
Khabib chose this business because it is profitable because fresh produce is in high demand. People use fresh vegetables everyday and consider them healthy. Many national dishes are made of vegetables like pilau and dolma. Fresh fruits are served at the table in every Azerbaijan family and are also used to make fresh punch.
Khabib's monthly income is 250 AZN and he wishes to increase it to 500 AZN. For this purpose, he has applied for a 1000 AZN loan. He will use this loan to purchase more fruits and vegetables to cover customer demands. He promises to repay on time!
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.