Adil is 55 years old, married with two children. His wife stays at home, so he is the only one making an income. Adil sells mixed products in the market. He started his business 20 years ago. His monthly profit is 150 AZN. He would like to earn more profits from his business.
He runs a small store selling grocery items to the people in his town. His customers are mostly his neighbors, who are looking for the affordable prices he offers.
Now he needs a 2000 AZN loan to buy shampoo, soap, powder, butter, tea, rice, and flour, etc. Adil wants to use the money from his new business to help his family and raise his children. In the future, he wants to have a big shop to sell food and detergent products. This will be more profitable for his business.
He hopes to improve his family's financial stability with this investment and enjoy a better quality of life. This is his second loan and he has a very positive loan history.
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.