Elshan is a 50-year-old married man with two children. He sells food products such as macaronis, rice, candies, cookies, sugar and beverages in his shop. Elshan has 10 years of experience in this field, and considers himself a knowledgeable and skilled person.
The food products that he sells are very popular among people and are in high demand. His monthly profit from selling foods is 300 AZN. His son helps him to sell products in shop. He is a very successful entrepreneur because of his good location in the central bazaar of his home city.
Elshan would like to increase his sales and invest additional capital. Therefore, he applied for a loan of 1800 AZN. He will use this loan to purchase and diversify his inventory.
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.