Kamal is 32 years old. He is married and has two children. Kamal is the sole breadwinner, and his only income since 2008 has come from the cultivation and sale of large livestock at the local market. Every year, he buys young calves from the farms in adjacent villages. He raises them with the help of his wife and children and then sells the adult cows and cattle to local butchers.
His monthly income is about $200 USD per month. Kamal would like to expand his business, as the income from his existing herd isn't enough to provide for his family. He plans to purchase additional young cattle. To do this, he needs to invest an additional 1,300 Azerbaijani New Manat (AZN) in his business. This is the second loan for Kamal, and he completely paid the first one on time.
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.