Khalid R. is a hard-working man who has made sure from a young age that his family never goes without its daily bread. He is single and responsible for his elderly parents and younger brothers and sisters. Khalid has a grocery store where he sells different kinds of foodstuffs. Khalid began this enterprise 4 years ago with starting capital of 100 USD, and with perseverance and dedication.
Over time, he has expanded his business. Today, his whole family is engaged in the business. Khalid now needs to buy additional foodstuffs to increase the range of his inventory. With this in mind, he is requesting a loan of 2000 USD. He is ready to work even harder, make sacrifices and push every once in a while to achieve his goal and become a successful entrepreneur.
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.