Elbrus A. is 28 years old and is an entrepreneur who sells different kinds of engine oil for cars. He started his business eight years ago when he purchased a car and every time when he needed to change engine oil, he had to go many kilometers away from his home village. Elbrus decided to open the store in the village where he lives which has become very popular among local people.
Elbrus has two children and he believes one day they will continue his business. For this purpose he applied for a loan in the amount of 1600 AZN.
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.