Elnur is a 41-year-old man, married with two children. He sells seasonal fruits and vegetables such as pears, oranges, apples, pomegranates, bananas, onions, potatoes and cabbage. Elnur has ten years of experience in this field and gained necessary skills and knowledge required for his business.
Fruits are very popular among Azerbaijan people and in high demand during the year. People like to eat fresh fruit and this is one of the main desserts for guests. His shop located in the bazaar and people always pass his shop and come to buy some fresh fruits. His monthly income from this business is 300 AZN. Elnur's wife helps him to sell fruits.
Elnur wants to expand his business. He does not have enough products to cover the high demand. He would like to purchase more fruits and vegetables and increase his turnover as well as improve the life of his family. For this purpose he has applied for a loan of 1000 AZN.
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.