Hasan is 55 years old and married, with four children. He is a market vendor and sells different kind of food products, such as beverages, rice, butter and bread as well as detergents. He has 20 years of experience in this field. His son helps him to sell products.
Hasan is on pension, but his pension is too small. Hence, trading is his main source of financial income.
He applied for a loan of AZN 1,800 to increase the number of his products and increase his sales. This will be his fifth loan, and he has a good client 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.