Natiq is 47 years old and married with two sons. He is a foreman, but his primary business is serving people lunch and dinner in his café. He has four years of experience. He decided to start his own business several years ago because his income as a foreman was not stable and very low.
People in Azerbaijan like to have lunch in national-style cafes, as well as spend time with friends in the evening drinking tea with homemade jam. Natiq`s place doesn’t look very attractive, but his food is delicious and that’s why his café is full of people.
His monthly income is 300 AZN and he would like to increase it. For this purpose he applied for a loan of 1,200 AZN. He will use this loan to renovate his café. This will be his second loan 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.