Raci is 36 years and has 3 children. Raci is a very young and ambitious person. He runs a store. He has been selling various products in his store for the past five years. He sells different washing soaps and liquids, hair brushes, toothpaste, and also food products such as tea, sugar cubes, cheese, bread and butter. Raci’s brother supports him in the business.
Raci’s store is in the central market. Because of its good location he has regular customers. His monthly income from the business is 170 AZN. With his future plans for the store he hopes to be able to improve the living conditions of his family.
Raci is going to take a loan of 1,500 AZN from Aqroinvest for the second time. His good loan history has given him the confidence to go for a second loan. He plans to bring more products into the store in order to meet the demand of the upcoming spring holiday Novruz.
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.