Naila is a 42-year-old woman. She is a widow and raises two children alone. After her husband’s death, she was left without any financial support because she always was a housewife. This brave and very hardworking woman found strength to continue her life and start her own business. She owned money from her friends and relatives and opened her market.
She is a market vendor now and has been selling different kinds of goods such as cookies, macaroni, ketchup, tea, and candies for the last ten years. Her shop is located in the central bazaar, which makes her business successful because a lot of people visit the bazaar during the day.
Her monthly income is 130 AZN, which is too little to cover the needs of her beloved children. To improve her financial situation, Naila decided to improve her business first. She applied for 1,500 AZN to purchase more food products and to diversify.
This will be her second loan. She 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.