Elman is a 51-year-old man on pension, married with two children. He is a market vendor and sells different kind of food products in the central bazaar. Elman has 20 years of experience in this field, so he is considered a knowledgeable and skilled person.
He usually sells rice, pasta, yogurt, ketchup, sugar and other items. The products he sells are in very high demand amoung local people, and they use them in everyday life. His monthly profit is 120 AZN. His spouse helps him update merchandise in his shop.
This business bring sufficient financial income because his pension is only 60 USD per month. Elman would like to cover market demand and increase his sales. Because of this, he applied for 1000 AZN. He will use this loan to purchase more products. He has already demonstrated himself as a good client with a positive 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.