Oruj is a 48-year-old man who is married with four children. He is an IDP (internally displaced person). His business is car repair and he has more than 20 years of experience. His son helps him and learns how to repair cars. He usually repairs trucks and tractors, which there are more of in the settlement where he lives. His monthly income is 90 AZN. He is on a pension, which is very small, so car repair is the main source of income in his family.
He applied for a loan of 1,500 AZN to purchase new car repair tools. 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.