Elqun is a 23-year-old single man. He sells food products such as macaroni, butter, cookies, sugar, tea, candies and beverages in his shop. Elqun has two years of experience in this field, which has made him a knowledgeable and skilled person.
Food products he sells are very popular among people and are in high demand. His monthly profit from selling foods is 350 AZN. He is a very successful entrepreneur because of his shop's good location in the central bazaar of his home city. He also keeps cattle.
Since the shop is his main source of income, most of the profit goes to his family and there is not enough left to reinvest in the business. For this reason, he has difficulty covering customers` demands.
Elqun would like to increase his sales and invest additional capital. For this purpose he applied for a 2,000 AZN loan. He will buy more products and diversify his stock. This will be his second 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.