Elman is 53 years-old and the married father of four children. His wife stays at home, so he is the only one making an income for the family. For 26 years he has grown fruits and vegetables in his yard and sold them in the bazaar. In this business his wife also helps him and from this business his monthly profit is 100 AZN.
In Azerbaijan, fruit is in very high demand and people like to eat fresh fruit a lot. Besides his fruit he also sells flowers. Elman is really optimistic about the future, regarding the expansion of his business, in order to raise the standard of living of his family.
For this, he has applied for a loan of 2000 AZN. Elman has already taken a loan from Aqroinvest before. He is considered a good customer and this is his third 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.