Iltifat is 56-year-old pensioner. He is married and has a son and two daughters. Iltifat earns money selling carpets and earns a monthly income of 200 AZN.
Weaving carpets is an ancient skill in Azerbaijan. There is no carpet that looks like another one. All of them are unique. People weave them in different sizes with different amazing pictures and beautiful patterns.
People buy carpets not only to cover the floor. Almost every family has a carpet that members use as a wall hanging. This hanging means that the family is respected.
Iltifat's pension and income from carpet selling isn't enough to cover his family's expenses. He applied for a 2,000 AZN loan in order to buy new goods for his shop like pillows, coverlets, and blankets. He wants to widen his shop's assortment of items and increase his income.
This is his fourth loan, and he has a positive 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.