Ramiz is a 45-year-old married man with two sons. For eight years, he has raised cattle, fattening and selling them. His wife is a housewife who helps her husband in this business because this is only income for his family.
Ramiz sells meat at the bazaar. There is a high demand for meat in Azerbaijan, because it is used in a lot of meals, such as kufta (soup), kababs, and dolma. His income from this business is 150 AZN per month. In order to fully support the family, Ramiz is looking forward to expanding the business and making it very successful.
Ramiz has already taken out four loans from Aqroinvest and he has a good loan repayment history. He is applying for a loan of 2000 AZN. Ramiz believes with this loan he can buy more cattle and expand his business.
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.