Zulfugar M. is 34 years old. He is married and has a two daughters. Zulfugar runs his own store selling soft drinks along with personal use items like perfumes, toothbrushes, razors, and other items. His wife helps him by working as a sales person in the store.
He purchases the goods to sell in his store in the neighboring city. Currently, he's planning to purchase additional inventory in order to increase the range of goods in his store. For this purpose he has applied for a loan of 1000 USD.
This is the first loan for Zulfugar; he thanks all who trust and support him, and promises to repay the loan in a timely manner.
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.