Abulfat is 47 years old. He has two daughters and one son. His wife stays at home. A few years ago, Abulfat decided to open his own business selling the basic grocery items needed in his neighborhood. Today, he is a person who enjoys his neighbors' and his family's respect. He has been in this business for ten years. He sells food products in his shop, such as macaroni, rice, candies, cookies, sugar and beverages. His wife helps him in this business. His monthly profit is 250 AZN. As this is the main source of income, his profit is used for family needs. The profit he earns is not enough to reinvest in his business in order to meet the customers` demand, so he is suffering for this reason. Abulfat would like to increase his sales and invest additional capital in the business. For this purpose, he applied for a 1,800 AZN loan. He will buy and diversify foodstuffs to sell at his store. This will be his second 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.