Akif, a 53-year-old man, is married with three children. He sells construction materials wholesale. He has 12 years of experience in this field. Construction materials made of wood are quite expensive and, at the same time, are in high demand among local people.
Akif's sales place is located in the central Saatli bazaar. Akif`s customers always come to Akif to buy materials, and he is always ready to make a discount. He serves people not only from his home city but also from neighboring villages and cities.
Akif`s business brings in a stable income of 160 Azerbaijani manats (AZN). He applied for a 1400 AZN loan to purchase more materials and cover customers' demand. He has already demonstrated himself to be a good client with a positive credit history.
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.