Elman is a 35-year-old married man and father of 4 children. Last year he changed his business and now he is selling food products in his own store. He is satisfied with his business. Elman is a popular merchant in his home town because his shop is situated in the center. From this business his profit is 400 Azerbaijanian Manats (AZN) monthly.
He sells food products such as macaroni, rice, candies, cookies, sugar and beverages in his shop. His son also helps him in this business.
The profit he gains is not enough to reinvest it his business and to cover customer demand, so he is suffering for this reason. His being the main source of income, his profit is used for the family's needs. Elman would like to increase his sales and invest additional capital. For this purpose he applied for 2000 AZN. He will purchase and diversify additional foodstuffs. 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.