Donmaz is a 46-year-old married man and the father of three children. He runs a general store. His main customers are neighbors in the area, especially housewives for whom the store provides an opportunity to purchase household products daily for prices within their economic means. Donmaz also has an additional business selling oil for cars. This will be his second loan from Aqroinvest and Kiva, and he has a good client history. Now he would like to buy new food products and increase his monthly turnover. He asked for a new loan in the amount of 1500 Azerbaijani manats (AZN) to be able to increase the variety in his general store, improve the business, and meet customer needs and demand.
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.