Hafiza is a 53-year-old married woman with six children. She is a market vendor and sells different kinds of goods in her shop. She has six years of experience. She is knowledgeable and skilled in her business. She sells foodstuff like candies, cookies, butter, macaroni as well as hair color and some cosmetics.
The products she sells is very popular in Azerbaijan and move quickly from shelves. Hafiza's business brings her 350 AZN in profit. It is hard to keep her customers satisfied with this income, because Hafiza needs to make some savings and can’t put all the income into the business again. This is the only financial source for her family.
Hafiza needs to expand her business and for this purpose she has applied for 1500 AZN in loan. She will use the loan to purchase more merchandise for her shop. This will be her 2rd loan from AqroInvest CU and she 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.