Eyvaz is a 51-year-old, married man and father of two children. His wife stays at home and doesn’t work. Ten years ago he started his business, to improve his living and develop his financial situation. Now he sells fruit and vegetables, in a store. Eyvaz is well-known in the region, with his competitive prices and products. His profit monthly is 150 AZN. There is a big demand for fruits and vegetables in Azerbaijan. Because of that, he must expand his business.
Now, he needs a 2,000 AZN loan. Eyvaz is requesting a loan, so that he can invest in the purchase of more fruits and vegetables to sell at his business. He believes this investment will improve his level of sales and his family’s quality of life. This is his fourth loan.
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.