Qadiraga, 52, has two sons and one daughter. With his son’s help, he sells food products at the bazaar from Sunday to Monday. This is the only source of income for his family. The monthly profit from this business is 180 Azerbaijani Manat (AZN). This profit is used for his family’s needs.
There is insufficient profit to reinvest in the business and cover customer demand. Qadiraga is suffering for this reason. He would like to invest additional capital in the business and increase his sales.
For this purpose, he has applied for a loan of 2,000 AZN to purchase and diversify foodstuffs to sell at his store. This will be his fourth loan, and he has a good credit 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.