Latifa is a 55-year-old married woman. She has three children. Five years ago, together with her husband, Latifa decided to open a general store. This business allows them to generate the income that they need. This is her first loan from Aqroinvest and Kiva, and she requested a loan in amount of 1000 AZN to buy a range of new products, such as foods and beverages, to restock her general store with. She hopes that this loan will assist her in increasing the size of her store and sales. It will also help her to improve her living conditions. This business allows her to generate the income that she needs. Latifa gives her thanks in advance for the support given.
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.