Faiq is 46-year-old man who is married with four children. He is an IDP (internally displaced person) and lives in Bilasuvar IDP Settlement. He is a joiner (carpenter/cabinetmaker) and has his cabinets where he serves clients and take orders. His son helps Faiq and is learning how to run the business. He has five years of experience in this field and during this time, he gained the necessary skills and knowledge required for the business. His business brings stable income to his family and his monthly profit is 250 AZN.
Faiq decided to take a loan and purchase new tools for work. This will allow him to take more orders and keep clients satisfied with better quality of work. This will be his fourth loan and he has a good client 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.