Islam is 49 years old and married with two children. His wife is a housekeeper. Islam has a door and window trading business in his city. He is very popular with his business because everybody knows him as a professional master. After making doors and windows, he sells them in the bazaar. His profit from this business is 120 AZN a month. He has 14 years of experience in this business. There are many wooden houses in his town.
Besides this, people need wood to make houses warm. He also sells wood for this purpose. So, there is a big demand for his products. He has not enough funds for materials. Because of this, he needs a 2,000-AZN loan. He has a good loan history and 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.