Nazim is 53 years old and married with a daughter and two sons. He is a seller of household appliances (refrigerators, mixers, blenders, irons, etc.) in an equipment shop at local bazaar. His monthly income is 350 AZN and he gets additional earnings from farming at his free time.
People use such household appliances in their daily life and that’s why there is high demand in this area. This is a kind of area where products wear out very fast and costs are expensive. So people try to buy good appliances with long guarantee.
Nazim tries to sell high-quality products for his clients because he doesn’t want to lose them. He applied for a 1,300 AZN loan to order new quality appliances from suppliers and expand his assortment. He wants to increase his income and cover his family’s demands.
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.