This is Ilgar, 44. He is a father to his three children. Ilgar operates a variety store. He started the business five years ago, and it has allowed him to have a good quality of life in his household and has given him good economic opportunities for progress. To help him continue operations of his business, he is requested a 1000 AZN loan. Ilgar will be utilizing the loan to expand his product inventory. He hopes his business will expand and grow into a mini-grocery through all his hard work on his business.
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.