Novruz A. is 57 years old and is married with 3 children. Novruz sells milk and yoghurt to the local people. He started a dairy and poultry business in 1982.
The cow is kept in the house and it took a lot of effort and care by Novruz before it could give milk. Every day, he gets up early in the morning in order to feed the cow; all day until late at night Novruz is busy looking after the cow and his chickens, which are also part of his income. The business is the main source of income for the family.
Novruz has applied for a loan of $1200 USD to purchase two cows. This is a first loan for Novruz. He thanks everyone for supporting him and promises to be very accurate when managing the loan.
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.