Elnur is 33 years old. A young and very enthusiastic man, he is married with two children. He has six years of experience in selling spare car parts for Russian and foreign cars. With the help of the first loan from AqroInvest and the help of his father, he was able to start his business. Now, his father helps him and his monthly income is 400 AZN.
Elnur used to sell spare parts of Russian cars, which was very popular; however, currently the most popular model in the region in which he lives is Mercedes. Elnur applied for a loan of 1200 AZN to purchase spare parts in demand to cover the needs of his customers. This will be his second loan and he has good repayment 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.