Babak is a 23-year-old single man who lives with his parents. He sells fruits such as pears, oranges, apples, pomegranates and bananas as well as vegetables like tomatoes, cucumbers, carrot and cabbage. Fruits and vegetables are very popular among Azerbaijan people and in high demand during the year.
People like to eat fresh fruits and this is often one of the main desserts for guests. Vegetables are also in high demand because people use them fresh in everyday life as well as in cooking. Babak has years of experience in this field and gained necessary skills and knowledge required for his business. His father helps him to run the business.
His shop is located in the center Al Agjabedi bazaar, and people always pass his shop and come to buy some fresh fruits and vegetables. His monthly income from this business is 200 AZN.
Babak want to expand his business. The amount of products he sells is not enough to cover high demand. He would like to purchase more fruits and vegetables and increase his sales turnover as well as improve the life of his family. For this purpose, he applied for a 1000 AZN loan.
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.