Tajir H. is 22 years old; a young and very hard-working entrepreneur. He owns a store where he sells laundry soap, bath and washing powders, soaps and shampoo. He started his business in 2004 with the financial support of his father, who is now living on his pension. Tajit lives with his elderly parents and his business is the only financial source for his family.
Tajir has applied for a loan of $1200 to purchase more inventory for his shop. This will allow him to generate more income and better support his family.
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.