Vuqar is a 43-year-old man, married with two children. He is an Internally Displaced Person and lives with his family in Bilasuvar IDP Settlement. He sells different kinds of products. He sells foodstuff like candies, cookies, butter, macaroni as well as hair color and some cosmetic stuff. He has five years of experience in this field and gained necessary skills and knowledge for business.
The products he sells are very popular in Azerbaijan and fly off the shelves. Vuqar`s business brings him in 230 AZN in profit. It is hard to keep satisfied customers with this income, because Vuqar needs to put aside some savings and can’t put all the income back into the business again. This is the only financial source in his family.
He needs to expand his business and for this purpose he applied for 1000 AZN loan. He will use the loan to purchase more merchandise for his shop. This will be the 2rd loan from AqroInvest CU to Vuqar and he 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.