Malik is a 57-year-old man, married with two sons. He sells food products such as macaronis, butter, cookies, sugar, tea, candies and beverages in his shop. Malik has 10 years of experience in this field, and he is considered as knowledgeable and skilled. He is a school teacher, but his salary is too small to cover the needs of his beloved sons.
The food products he sells are very popular among people and are in high demand. His monthly profit from selling foods is 100 AZN. He is a very successful entrepreneur because of his good location, in the central bazaar of his home city.
The profit he gains is not enough to reinvest it into the business and his ability to respond to his customers' demand is suffering for this reason. Being main source of income, his profit is used for family needs. Malik would like to increase his sales and invest additional capital.
For this purpose he applied for a loan of 1,200 AZN. He will purchase a a bigger diversity of foodstuffs. This will be his fifth loan and he has a good credit 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.