Ilkin is a talented entrepreneur with a successful business selling clothing and shoes for teenagers. He is 26, not married and lives with his parents. Ilkin started his business five years ago out of a desire to earn a living and meet people’s clothing needs. He sells clothes that are both popular and affordable, which helps to ensure a strong demand for his products. Ilkin is a serious business owner who wants his business to be the best it can be while continuing to grow and be profitable. His father helps him run the business.
One of his main goals is to have his own family and to build his own house. His monthly income is 200 USD and he is going to increase it to 500 USD. Ilkin has requested a loan of 1400 AZN to purchase new inventory. The change of seasons makes this a busy time of year for business owners like Ilkin. This loan will help him keep a good supply of inventory on hand so he can meet customer demand and make a good profit.
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.