Mazahir is a 49-year-old man who is married and has three children. He is a market vendor and sells different kinds of food products in the central bazaar. Mazahir has 15 years of experience in this field, which makes him a knowledgeable and skilled person.
He usually sells rice, macaroni, yogurt, flour, butter, sugar and others. Products he sells are in very high demand and people use them in everyday life. Also, these products are in very high demand among local people and his monthly profit is 120 AZN. His spouse helps him to update the merchandise in his shop.
This business is the only one financial income for his family and Mazahir would like to increase his sales, as well as cover market demand. For this purpose, he applied for a loan of 1,500 AZN. He will use this loan to purchase more products. This will be his third 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.