Ali A. is 60 years old and is married with four children. He is a market vendor, selling cosmetics and bath goods from his own market stall. Ali is already retired and his business, which he has been running for the last ten years, is his only source of income. However, it is successful enough to allow Ali to support his family and parents. Now Ali is planning to increase stock by purchasing more products. Ali thanks everyone for supporting him and promises to repay the loan on time.
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.