Xanim is a 49-year-old woman, married with two children. She is an entrepreneur and sells drugs from a rented drugstore. She has 10 years of experience in this field. Her husband is a laborer, and her son just graduated from medical university and helps his mother a lot. Her monthly income is 130 AZN, and this is the only permanent income in her family, as her husband doesn’t have a permanent job.
Xanim applied for 1500 AZN to purchase more drugs for her drugstore.
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.