Konul is a 35-year-old widowed woman and she has a two kids. Konul’s mother is also living with her and her mother takes care of her grandchildren. Konul says that whatever she does is for a better future for her children and her first wish is to give a good education to her kids. For that she works the whole day. She rents a store near her home. Konul sells food products such as sweets, sugar, tea, gum, etc. From this business her profit is 120 AZN for a month.
Now Konul needs a loan of 1,800 AZN to buy more products for her store. She has a good loan history and this is her third loan. She believes this loan will have a positive impact on the expansion of her 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.