Murad is a 21-year-old, single man. He sells detergents and cosmetic products, such as shampoo, hair balsam, toothpaste, washing powder, and so on. Murad has four years of experience in this field and, during these years, his father helped him to run the business. Now, he is a knowledgeable and skilled person.
The food products he sells are very popular among people and are in high demand. His monthly profit from selling goods is AZN 300. He is a very successful entrepreneur because of good location, in the central bazaar of his home city.
The profit he gains is not enough to reinvest in the business and meeting customers' demands is suffering for this reason. Being the main source of income, his profit is used for family needs.
Murad would like to increase his sales and invest additional capital. For this purpose, he applied for a loan of AZN 2,000. He will purchase and diversify additional merchandise.
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.