Mahmud is 46 years old. He has 3 children. Mahmud grows fruits and vegetables. He plants tomatoes, potatoes, eggplant and other vegetables and fruits. He says that even though this business is very hard, together with his wife he has been handling the business for 16 years without any difficulty.
Mahmud sells his vegetables and fruits in the bazaar. His income from sales is about 200 AZN a month. He has more plans for the future, such as to get more land for cultivation. He is looking forward to the increased sales in the coming summer, because people purchase fruit a lot.
He has applied for a loan of 1,900 AZN at Aqroinvest. This loan will help him to grow more vegetables and fruits in order to get more revenue in the coming summer, which will help him to support his family’s needs.
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.