Khaladdin is 32 years old and married with one son. He sells a variety of products such as sugar, sweets, dish washing soap and shampoo in his shop. His wife is a housekeeper. He has 10 years of experience in this field. People in the town are his regular customers who purchase food products and other available items at the store. His monthly profit from selling products is about 500 AZN.
His brother helps him sell products in the shop. He is a very successful entrepreneur because of his good location in the bazaar of his home city. Khaladdin wants to expand his business because this business is the only financial income in his family. For this purpose he applied for 1,500 AZN. He will use this loan to purchase more products. He has a good client history and this will be his fourth loan.
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.