Elchin M. is 54 years old and is married with three children. He sells confectionery and other foodstuffs in the market and has been in this business already for nine years. This activity generates the main income for his family.
Since Elchin is very popular in the market selling the fresh and tasty pastries, he tries to maintain a wide range of goods. Thus, today, Elchin requests $1,200 for purchasing more food items to sell.
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.