Elchin is 37-years-old and married with two sons and three daughters. His wife is a housekeeper. He sells mobile telephones in a shop and has gained good skills working in this field for 17 years. His monthly income is 100 AZN. He gets additional money from his pension.
Demands in such techniques as mobile telephones have increased nowadays. All people use them in their daily life. They make calls in urgent cases or send messages of important information when they need to. They can call someone who is far away.
There are many new models of mobile telephones that people would like to buy. And Elchin applied for a 1,400 AZN loan in order to buy more new models to expand the assortment at his shop. He hopes that one day his income will increase and he will be able to provide his big family a good life.
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.