Teymur is 25 years old and single. He sells fruits such as pears, oranges, apples, pomegranates and bananas. Teymur has 4 years of experience in this field and has gained the necessary skills and knowledge required for his business.
Fruits are very popular among Azerbaijan people and in high demand during the year. People like to eat fresh fruit and it is one of the main desserts for guests. Teymur's shop is located in the central bazaar and people always pass his shop and come to buy some fresh fruits. His father helps him to sell the fruits. Teymur's monthly income from his business is 300 AZN.
Teymur wants to expand his business. The amount of products he sells is not enough to cover the high demand. He would like to purchase more fruits and vegetables, increase his turnover and improve his family's life. He has therefore applied for a loan of 1,200 AZN. Teymur has a good client history and this will be his second 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.