Babak is a 47 year old man, married with four children. He is a market vendor and who sells bed accessories like blankets, sets of bed sheets and pillowcases and so on. He has about 20 years of experience in the trade field. These kinds of products are very popular among young ladies, who comes to buy some products before weddings. His monthly income is 140 AZN.
He would like to diversify his products and add carpets and bed sets for children. For this purpose he applied for 2,000 AZN loan.
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.