Vadar is a 43-year old man, married, and has two sons. He is market vendor and sells seasonal fruits and vegetables in his place in central bazaar and from his home. Vadar has 10 years of experience in this field. He knows customers needs and he has reliable providers.
Vadar chose this business because it is profitable and brings stable income. People use fresh vegetables everyday and consider them healthy, and many national dishes are made of vegetables, like pilau and dolma. Fresh fruits are served on every table of Azerbaijan's families and also make fresh punch. His monthly income is 120 AZN.
He applied for 2000 AZN loan to purchase more fruits and vegetables and increase his monthly turnover. This will be his third loan and he has good client 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.