Guloglan, age 36, runs a small cattle-farming business. He buys a young calf, raises it, and sells it for meat. He is a very hard-working person and he likes his agricultural occupation. With the profits from his farming, he meets his family’s needs and, whenever possible, he helps pay for his children’s education as well. Guloglan and his wife have three children.
He has decided to increase his animal-breeding enterprise, so he has requested a loan in the amount of 1,900 AZN. This is his fourth loan. He will use his loan funds to buy young calves and fodder for his animals. He hopes to receive more profits from his expanded animal-breeding endeavor in future.
Guloglan is confident that his Kiva loan will bring success to his agricultural business.
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.