Murvet is 31-year-old young man, very friendly. He is an Internally Displaced Person and lives with his parents in Bilasuavr IDP Settlement. He is a farmer and has raised seasonal fruits and vegetables for the past eight years. Murvet was unemployed and did not have an education degree. When he got married, he needed financial sources to support his new family, so he started his business.
During long years of experience, Murvet gained enough skills and experience to run the business, thanks to his father`s experience, too. He chose these crops because they are profitable, and fresh fruits and vegetables are in high demand. He usually sells his crop in the central bazaar. His monthly income is AZN 70.
People use fresh vegetables every day and consider them healthy; many national dishes are made of vegetables, like pilau and dolma. Fresh fruits serve every table in an Azerbaijan family and also make fresh punch.
As these products are in high demand, Murvet wants to expand his business and produce more fruits and vegetables to cover market demand and to increase his monthly income. For this purpose, he has applied for a loan of AZN 1,500. He will buy new garden tools, seeds, and fertilizers. This will be his third loan, and he has a good repayment 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.