Faiq A. is a 47 year-old married man who lives with his five children and has owned a small farm for more than 20 years. He lives and works in a small village of the southern part of Azerbaijan. Since a cattle selling is a profitable business, Faiq has become a very successful businessman in a very short period of time. The income has been enough to cover family needs, but as his children grow, covering family needs has become harder, so Faiq is applying for a loan to expand his activities and to purchase more cattle.
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.