Teymur R. is a 31-year-old trader who keeps his own store in which he sells candies, chocolate, cookies, rice, beverages and other foodstuffs.
Teymur gained experience by working in his father`s shop for many years before opening his own shop. Teymur started his business in 2008. This is his only source of income, as he is unemployed.
He has applied for a loan in order to expand his stock of merchandise and thereby increase his income.
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.