Elvin is 23 years old, single, and lives with his parents. He sells food such as macaroni, butter, cookies, sugar, tea, candies and beverages in his shop. Elvin has four years of experience in this field, which makes him a knowledgeable and skilled person.
The food products he sells are very popular and are in high demand. His monthly profit is 130 AZN. He sells products from his shop, which is in the back yard of the house he lives in. His father helps him to run the business and always gives meaningful advice.
The profit he gains is not enough to reinvest in the business, and meeting customers' demand is difficult for this reason. Elvin would like to increase his sales and invest additional capital. He has applied for a loan of 1000 AZN so he can buy more food to diversify what he sells.
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.