Nijat M. has a successful business selling food at a market in a village in Imishli. He started his business about 10 years ago after evaluating different business possibilities and deciding this would be the best option and something he would enjoy.
Nijat purchases products at very low prices and then resells them for a profit. Because he sells in bulk, he deals with a high inventory turnover rate. Nijat rents a very good location at the market for his business and he has little competition.
He has requested a loan of 1606 AZN to increase his business capital. This loan will enable him to buy more produce to sell, so he can increase his profits and continue to operate a profitable business.
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.