Murad is single and lives with his parents in Imishli. He has a small grocery store which is located near his home. His family has been running the grocery store for 10 years and earns an income from this business. This is the only source of income for the family. They have a lot of customers.
Murad is 25 years old, and a young man who has a very good reputation in his community. His neighbors and his friends have a very good opinion of him. Murad requested the loan of an amount of 1,500 AZN from Kiva partner AqroInvest CU. He will use his loan to buy merchandise to stock his grocery store.
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.