Teymur is 40 years old and married. He has one daughter. His wife is a housekeeper. Teymur is a very popular merchant in his home city because he has been selling food products for 7 years. From this business his profit is approximately 300 AZN per month.
He usually sells different kinds of food products, such as a cookies, sweets, rice, sugar and other items. He sells products that are in very high demand among local people who use them in everyday life. His monthly profit is about 300 AZN.
Teymur wants 1,500 AZN as a loan. With this money he will expand his business. If he gets more profits, he plans to buy more products in the future.
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.