Mikayil is 47 years old. He is married and he has one daughter. His wife stays at home and is not working, so he is the only one making an income. Mikayil`s shop is very popular in his city because it is already 11 years that he has been selling newspapers, magazines, and books. From this business, his monthly profit is 200 AZN. Mikayil sells his newspapers and books in the city market. In Azerbaijan, people are buying books, magazines and journals every day to have more information. Sometimes his wife also helps him to sell newspapers. To expand his business, Mikayil needs a AZN 2,000 loan. He has a good loan history- this is 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.