Farman is a 40-year-old pensioner. He is married and has three daughters. His wife is a housekeeper. The main source of the family's income is an auto service company, and Farman has 20 years of experience in machinery. His monthly income is 110 AZN.
The demand in auto service is high enough. People use it when they need to repair their car or wash it. Such private auto services are used often. People prefer them because they are cheaper.
Farman wants to repair the auto service place and expand his business. He is planning to increase his monthly income and provide his daughters with higher education and a bright future. He applied for a 2,000 AZN loan in order to buy additional new equipment for his service. This is his fourth loan, and he has a positive 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.