Nizami is a 39-year-old married man with two sons. He is market vendor and sells goods such as flour, beverages, macaroni, butter, and candy. He has eight years of experience and has a deep knowledge of the market and the demands of his clients.
The food products he sells are very popular among customers and in high demand. His monthly profit from selling food is 300 AZN. His wife helps to purchase products and bring them to the shop. This business is the sole financial income for his family. Nizami is a very successful entrepreneur because of his good location, which is in the central bazaar of his hometown.
Nizami applied for a 1500 AZN loan to purchase more food products and diversify the range of goods he offers to cover the demands of customers. This will be his second 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.