Aqil is a 42-year-old, married man with two sons. His wife is a housekeeper. He earns money selling different kinds of daily products. His shop is in one of the rooms of his house, on the first floor. He made this condition himself, in order to earn money somehow and his monthly income is AZN 120.
Local people attend Aqil’s small market every day. They buy bread, water, sugar, salt, etc. They have high demand for daily products because they use them in their everyday life.
Unfortunately, the conditions of Aqil’s shop are very bad. There is dampness in the house and this makes for danger in his shop because he needs to keep products fresh and safe.
Aqil applied for a loan in the amount of AZN 1,500 in order to repair his shop and renew his assortment of items to sell.
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.