Hafiz is a 57-year-old man who has engaged in milk and dairy product sales for the last 6 years. He sells dairy products in the local bazaar. This is the only source of income for the family. That’s why Hafiz would like to expand his business and purchase additional two milkier cows. To do that he has applied for a loan of 1800 Azerbaijan New Manat (AZN) loan.
This will be his fifth loan and he has a good credit history. Now he applies for 1800 AZN from AqroInvest and Kiva. After he repays this loan he plans to apply for more loans to grow his business.
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.