Sadiq is friendly and hardworking man of 39. He is married and has two daughters. He is an IDP (internally displaced person) and lives with his family in the Bilasuvar IDP Settlement. He breeds cattle and has 10 years of experience in this field. Sadiq gets financial support from the government, but 100 AZN is too small an amount to cover his family's needs.
Cattle breeding requires a lot of physical activity and spending most of the time in the open air. Pasturing takes 80% of Sadiq's time. He usually buys small calves and then raises and fattens them for 5-6 months and resells them for a profit in the livestock bazaar. His monthly income is 120 AZN, and this business is the only source of income in his family. Meat is in very high demand in Azerbaijan and people use it in everyday dishes like pilau and dolma.
Sadiq would like to purchase more cattle, and for this purpose he has applied for a loan of 1,000 AZN. He needs this loan to increase monthly turnover and cover the needs of customers.
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.