Asif is a 48-year-old man who runs a private business. He works as a driver, but his primary business is selling food products. He is a market vendor and has been selling different goods such as yoghurt, sausages, candies, cookies, and pastas for the last 8 years. He is responsible for his wife and two sons.
Asif's business brings in a stable monthly income of 200 AZN, and his older son helps him to sell products from the shop. He would like to increase his income so he has applied for a loan of 2000 AZN. He will use this loan to diversify his inventory and purchase more products for his shop. This will be his second loan, and he has good loan 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.