Elshad is a 40-year-old man, married with three children. He is an Internally Displaced Person and lives with his family in Bilasuavr IDP Settlement. Elshad repairs vehicles such as dump trucks, tractors and other farm vehicles. He has 10 years of experience in this field. He is considered a specialist in this area and has a lot of orders.
His monthly income from the service he provides is 200 AZN. Now more and more farmers are buying modern tractors and other vehicles useful in farming places, and Elshad needs to satisfy his customers and be able to repair modern cars, to change oil in them from time to time. He will buy modern tools and will take training in a nearby city to achieve his goals.
He applied for 1000 AZN loan and promises to pay back 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.