Solmaz is a 61-year-old woman on a pension. She is married and has four children. She sells watermelons and melons, as well as seasonal fruits such as pears, oranges, apples, pomegranates and bananas. With the help of AqroInvest CU, Solmaz was able to start her own business. She has 10 years of experience and the reasons to start her business were the low living conditions and low pension.
Fruits are very popular among Azerbaijan people and in high demand during year. People like to eat it fresh and this is one of the main desserts for guests. She sells crops from her house and people that pass by always buy some fresh fruit. Her monthly income from this business is 150 AZN. Solmaz's husband helps her to sell fruit.
Solmaz wants to expand her business. The amount of products she sells is not enough to cover the high demand. She would like to purchase more fruits and vegetables and increase her turnover as well as to improve her family's life. For this purpose she has applied for 1500 AZN loan. This will be her third loan and Solmaz has a 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.