Natiq B. is a 28-year-old married man. He lives with his wife and two school-aged sons in Bilasuvar. He is an internally displaced person from the Nagorno-Kharabkh, now living in the small settlement in Bilasuvar built for IDP families.
In 2004 Natiq opened a fruit and vegetable stand. The best feature of his business is that his stand is in a good location where there is a lot of pedestrian traffic. This is the only source of the income for his family.
This is his first loan with Aqroinvest and Kiva. He was able to increase the size and variety of his inventory with the help this loan of 2000 AZN. He hopes to use the profit from this loan to educate his children and to increase his product inventory. He will use his profits to cover his needs and repay the loan installments on schedule.
Natiq wants to expand his business. He plans to open grocery store in the future.
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.