Nakhida Q. is a 30-year-old woman who runs her small farm in the small village of Imishli. She is married and has five children. Because she and her husband are unemployed, it is very hard to cover basic family needs. Poultry and one cow are the only financial source in their family. As a solution, Nakhida has applied for $1100 USD to purchase 3 calves for $300 USD each, and with the remaining $200 USD, she is going to buy fodder.
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.