Mirsadiq is a 27 year-old-man who is single and lives with his parents. He sells food products, such as macaroni, rice, candies, cookies, sugar and beverages in his shop. Mirsadiq has four years of experience in this field, which considers him as a knowledgeable and skilled person. His father taught him the best because he was also an entrepreneur for many years.
The food products that he sells are very popular among people and are in high demand. His monthly profit from selling food is 130 AZN. He is a very successful entrepreneur because of good location, in the central bazaar of his home city.
Mirsadiq would like to increase his sales and invest additional capital. For this purpose, he applied for a loan of 2,000 AZN. He will purchase and diversify additional food items. This will be his third loan and he has a positive credit 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.