Mobil is from Agjabadi, Azerbaijan. He is 40 years old, married, and has one school-aged son. To make a living, Mobil owns and operates a business buying and selling fruits. He has been engaged in this business for over 12 years and earns approximately 300 per month from it. Mobil requested a new loan of 1000 AZN which will be used to purchase additional inventory & working capital. This loan will be the 1st loan taken out by Mobil from AqroInvest and Kiva. He plans to use the additional revenue generated from the business to improve/expand his business.
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.