Akif is 51 years old. He is married and has three children. He is a market vendor and sells different types of food items. The most popular items he sells include candies, sausages, macaroni, tinned food and juices. Akif has seven years of experience selling food items and, during this time, he has acquired the necessary skills required to be successful. His monthly income is 200 AZN. His elder son helps him to sell in the shop.
Akif would like to diversify his product offering and purchase more merchandise. This will help him increase sales and improve his family’s living conditions. In order to do this, he needs additional capital and he has applied for a loan of 1,500 AZN. This will be Akifs fourth loan and he has perfect 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.