Elchin is 45 years old and lives with his wife and their three children. He started the business as a small store selling chips from his house. Soon, when he saw that demand was growing, he decided to invest some capital to grow the store.
Elchin has eight years of experience in this business. His small store is located in his yard, which is located at his house. His wife helps him to sell products, and from this business his monthly profit is 200 AZN.
Nowadays, Elchin needs 2,000 AZN. He will use the loan to buy the products that sell the best, such as rice, sugar, beans, eggs, dairy products, lunch meats, and other items. This will help him increase his inventory. Sales will increase because the products that customers request will be there when they’re needed. This will allow his family to have more stability in life.
Elchin 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.