Mahammad A. is a 51-year-old man who raises cows and sells milk and yoghurt to the local bazaar traders. He is married and has four children. They live together in the small village of Saatli region. Mahammad would like to expand his business and start breeding calves, because meat is in very high demand in Azerbaijan, and people eat meat almost every day. For this purpose, he applied for $1200 USD, With this loan, he will purchase four calves for $300 USD each.
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.