Rashid is 50 years old and married with a daughter and a son. His wife is a housekeeper. He works in a local electronic shop and sells mobile telephones. He has worked in this field for 30 years and has a monthly income is 140AZN. People's demand for technologies such as mobile telephones is very high since they use it when they need to make a call or send messages, while teenagers use them to access the internet, listen to music or talk to their friends. Unfortunately, Rashid’s monthly income is not enough for him to cover his family’s needs, such as paying their utilities bills and for his son’s education. Therefore, he has applied for a 2,000AZN loan in order to sell other kinds of technologies and to vary his stock in order to increase his income. This is Rashid's third loan and he has a good client 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.