Rasim is 57 years old, a married man and father of four children. Rasim sells animals. He buys animals (baby cows) at low prices, raises them and then sells them in the market at higher prices. He has a good approach towards business expansion and savings for the future. He makes enough through his business to contribute to the family income, but he needs to improve his business to meet the needs of his children.
For the improvement of his business, he applied for a loan of 2000 AZN to purchase two more cows. He is very experienced and has good contacts in the market. With this loan, he will definitely expand his business and income level. He has a good loan history and this is his fifth 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.