Xaqani is a 35-year-old man who runs a private business. He is a market vendor, and his primary activity is selling food products. Xaqani sells different kinds of goods such as yoghurt, sausages, candies, cookies, and macaronis. He has been doing this for 10 years. He is responsible for his wife and son.
His business brings him a stable income of 3,500 AZN, and his spouse helps to sell products in the shop. He would like to increase his income, and for this purpose, he applied for a 1,500 AZN loan. He will use this loan to diversify and purchase more products for his shop. This will be his third loan, and he has a 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.